Holiday Budgeting with Woodmark Wealth…
Christmas is just around the corner and I haven’t checked my list twice. In fact, I don’t have a list yet! People who put up Christmas decorations the day after Halloween are not my people. If I have my tree up and decorated by Christmas Eve, we’re gonna call it a win. Giving gifts is always a special part of the holiday, but worrying about how to pay for presents keeps many people from being merry and bright.
One way to avoid dwelling on the money is to carefully plan ahead. Daniel Milks, Founder & CEO of Woodmark Wealth Management, has some terrific suggestions for buying gifts without taking out a second mortgage on your home.
Re-gifting. If you have a gift you truly believe someone would enjoy, don’t hesitate to re-gift it. Just be sure not to gift it to the person who gave it to you! That would be embarrassing.
Give an experience. Material things are great, but why not give a new and exciting experience. I have friends who do this for their parents every year. What can most of us give our parents that they don’t already have? I know mine would much rather spend a weekend together in a mountain cabin or bungalow at the beach.
Homemade gifts. The Christmas season is the perfect time to bake your special dish and include a copy of the recipe. If you have children, everyone on your list would enjoy a hand-made gift from a child.
Provide a service. You have a talent or skill to offer. Anyone need their porch painted or leaves blown? Maybe you could help your favorite grandma with her grocery shopping.
Shop out of season. Christmas comes the same time every year – it shouldn’t catch you off guard. Plan ahead and shop throughout the year. (Don’t do as I do, do as I say do!)
Purchase a couple or family gift. Save money by not giving individual gifts.
Send E-cards. For those you send holiday cards to, save the cost of the card and postage by sending an e-card. The person will know you’re thinking of them and you can save your cash.
Open a Christmas Club. This saving option has been around longer than I have. Check with your bank to see if it’s something they offer. “Automated is best,” says Milks, “personally, it helps me not to have to think about it.”
Download an App. There are tons of apps for your phone that can help to maximize your Christmas budget. You’re less likely to break the bank if you already have a budget in place.
Daniel uses his Capital One Credit Card Rewards Points for shopping. “It really adds up,” he says.
Thank you, Woodmark Wealth Management, for sharing your financial expertise. Hopefully this will make the holidays a little more jolly for all of Santa’s helpers!
Get your official intro with Daniel Milks here.