TaskHuman Talks: Budgeting For The Holidays

“We want to try to manage gracefully so we can enjoy it for what it was really meant to be.”

With holiday spending, social commitments, impending deadlines, and a brand-new year right around the corner, the end of the year can be a stressful time. In this TaskHuman Talks Podcast episode, coaches Jamie Carroll and Libby Morsheimer discuss ways to set yourself up for financial success this holiday season and into the new year through small but thoughtful strategies.

Set Effective Expectations For The Holidays

For Coach Libby, the key to success is having a plan for how you’ll approach budgeting during the holidays. Consider who you’re buying for, where you’re buying gifts/groceries, how much you’re spending, and when you’re going. Gaining this clarity and conducting this pre-spending on paper will help you know exactly how much money will be coming out and allow you to course-correct ahead of time.

Align Gift-Giving With Your Values

Focus gift-giving on the actual person getting the gift, rather than our needs and expectations connected to the holidays. Get creative with gifts! Consider gifts that lessen the burden for people in your life like offering to babysit, running errands for an afternoon, or even consider donating to a charity connected to a cause they care about.

Tips To Manage Holiday Spending

It can be tempting to get swept up in expectations around the holidays. You know when you’re standing in the checkout line and see all kinds of small, last-minute gifts that might be a perfect “add-on”? Or do you decide to take advantage of the holiday deals and purchase an extra blender for yourself? These small expenses add up! As Coach Libby points out, life doesn’t stop during the holidays. That’s why approaching the holidays with the intention to be fiscally responsible, make sound decisions, and not overextend ourselves is the recipe for success this time of year. “The key is really having that solid roadmap and sticking with it, bottom line.” Gain more tips for managing holiday debt and spending in the clip below.

Financial Planning For The New Year

One exercise Coach Libby encourages is reflecting on what currently causes you the most financial stress. What do you think would solve it? Commit to taking one step towards that. As Coach Libby points out, “small expenses over time become big expenses, but small savings over time really do become big savings over time.”  Other tips include: tracking your money regularly to get a better sense of where your money goes, putting a copy of your financial plan somewhere visible (your phone, desk, fridge, mirror), and being patient with the process.

Connect directly with Coach Libby for more guidance and give yourself the gift of financial stability and financial security this holiday season!

Engage with the full podcast recording below:

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