{"id":711,"date":"2025-01-23T16:28:27","date_gmt":"2025-01-23T16:28:27","guid":{"rendered":"https:\/\/finzexpert.com\/blog\/its-not-too-late-to-rein-in-holiday-spending\/"},"modified":"2025-01-23T16:28:27","modified_gmt":"2025-01-23T16:28:27","slug":"its-not-too-late-to-rein-in-holiday-spending","status":"publish","type":"post","link":"https:\/\/finzexpert.com\/blog\/its-not-too-late-to-rein-in-holiday-spending\/","title":{"rendered":"It\u2019s Not Too Late to Rein In Holiday Spending"},"content":{"rendered":"\n
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Mx. Clark, the Seattle financial planner, suggested talking with your family to agree on a maximum amount to spend on gifts and putting holiday spending in context with longer-term financial goals. You may be giving priority to saving for other things \u2014 like a car or a down payment for a house. \u201cYou don\u2019t want gifts for other people to derail your goals.\u201d<\/p>\n

Lukas Battle, a stand-up comedian in New York whose TikTok video popularized the concept of \u201cloud budgeting,\u201d said the practice of being open with others about your circumstances and your willingness to spend money could also apply during the holidays. He advised first asking, \u201cWhat do I value? What do I want to spend my money on?\u201d Then \u201ctell people what your plan is.\u201d Maybe it\u2019s putting together small gift bags, he said, or cooking a meal for friends. When he was a child, his family emphasized items like board games to play together. Setting aside time to go for a walk with a friend or to host a movie night at home can be more rewarding than splurging on a pricey night out. \u201cThe main idea,\u201d he said, \u201cis communication.\u201d<\/p>\n

Yanely Espinal, a financial educator and author of \u201cMind Your Money<\/a>,\u201d said buying gifts for her large extended family would be financially difficult. So at Thanksgiving, each family member draws a name from a hat and buys a gift for that person. Ms. Espinal said she preferred to make donations to 529 college savings accounts for younger family members rather than buying toys, and encourages others to do so as well. \u201cThey know I\u2019m a personal finance nerd,\u201d she said.<\/p>\n