Holiday Budgeting When You're In School
Budget from the Start and Know When to Say No
With all the hustle and bustle of travel and shopping, it’s hard to sit still. We want to go out with friends and family and buy presents. These things are attainable, but only if you plan for them. Many college students are on a fixed income, meaning a holiday budget is a must. This looks different for everyone, depending on priorities, so be sure to take time to create a budget. Some things you may want to consider include:
- Anticipated income.
- Existing bills/expenses.
- Gift costs.
- Holiday activity costs.
- Grocery expenses.
The amount we spend on these items tends to grow around the holiday season, so it is a good idea to start saving sooner rather than later. This can be done by putting aside a little money each month all year long. If you’re tempted to spend it, another approach is to shop throughout the year rather than waiting until December. Not only does this alleviate much of the stress that can come from entering a mall in December, but it will also take pressure off of your wallet. If this is not something you’ve started yet, don’t worry — you can still make the max out holiday cheer on a budget in other ways and keep this in mind for next year.
Inexpensive Holiday Fun
Another strategy for making the most of your holiday on a budget is to take advantage of free activities around town. Many cities and campuses offer free ice skating with inexpensive rentals. Other free activities include tree lighting ceremonies, viewing downtown lights, and window shopping. Even spending a night at home watching a movie by the fire (real or virtual!) can be a low-cost way to enjoy the holiday season. And if you plan the activities, you can make them as low budget as you want. If you get invited to something that sounds fun but is outside your budget, it’s always OK to say no.
Gift Buying
Gift buying doesn’t have to break the bank either. Some ideas for saving money in this area include doing a secret Santa or white elephant gift exchange. This way, everyone gets a gift, while only having to pay for one. You can also talk to your loved ones and decide to buy presents only for the children in your life rather than for everyone. Whether or not you end up buying something for everyone, it’s helpful to use coupons, shop during sales, and take advantage of student discounts. Finally, if you decide not to indulge in shopping for gifts, you can do a DIY craft or make baked goods.
Regardless of whether you decide to save up so you can splurge or you choose to give your wallet a break, the holidays are a time to have fun and enjoy time with loved ones.
Sources:
https://unothegateway.com/5-ways-to-enjoy-the-holidays-on-a-college-student-budget/
http://www.sheerid.com/wp-content/uploads/2013/05/College-Students-Vs.pdf
https://www.epochclemson.com/holiday-shopping-college-budget/
