5 Holiday Shopping Strategies — So You Can Avoid That January Money Hangover

Now that I coach people on finances for a living, I see that there's a way to get into holiday mode without being a grinch to your bank account. Here are five ways to help you navigate the next month so you can roll into the New Year feeling fancy-free:

Heading out and buying gifts without establishing some values around gifting can set you up for financial remorse. Do you only buy locally? Does it have to be a gift that gives back? Made from recycled material? Whatever it is, identifying your criteria gives you a filter and focus as you explore all the offers being marketed to you.

Instead, I would start by identifying an intention for each person on your list. What do you want the gift to say? How do you want the person to feel when they get it? When you set an intention for your gift, you place the purpose of the gift ahead of the price tag, and that is a mental shift that will allow you to say what you want to say on any budget. 

Getting wrapped up in all of the "deals" out there can lead us to overspend, even when we've set a budget. The best way to navigate that? Reward yourself for sticking to your gift budget with a "kickback" budget. Meaning, you get to reap the rewards when you stick to your plan. You can do this one of two ways: identify a small money amount you get rewarded for each gift you buy in budget ($1 to $10...whatever is affordable to you) or allocate an amount of money toward something for you, like that beach vacation, when you stick to your numbers. 

It isn't just buying gifts that causes financial stress during the holidays; it's also the end-of-year parties and dinners that we feel obligated to attend. I once had a coach tell me if it wasn't a "hell yes" then it was a "hell no," and holding yourself accountable to that mantra is pretty life-changing. Drop the "should" and only commit to the things you are truly excited about and can afford. Your bank account and your energy will thank you.  

Not sure where to start? Make a list of five things during the holidays that affect your bank account and stress you out. These are areas where you might need to set more boundaries.