When You’re Saving for a Home But Still Want to Buy Holiday Presents
Saving for a down payment on a home can be a large task that requires patience and lots of self-control. So what do you do when the holiday season rolls around? It’s the season of giving, so it’s hard to watch holiday festivities go on and not spend a little extra cash to participate. There are still ways to make this holiday season memorable without breaking the bank. Just like everything else, it’s all about making a realistic budget and sticking to it. Here are a few tips for frugally decking the halls this season.
- Have a DIY party. Pinterest is full of ideas for arts and crafts that can be made easily and inexpensively. Handmade gifts often mean a lot more than gifts you could purchase, so it’s a win-win proposition. Get your family involved and make new holiday memories as you craft gifts for everyone on your list.
- Give time instead of gifts. Do you have a neighbor who needs help cleaning? Maybe your sister needs a babysitter for date nights. Your time is just as valuable, if not more, than material gifts. Do something nice for someone this holiday season and they will appreciate it all year long.
- Make a budget and stick to it. If you do want to give material gifts, create a reasonable budget that isn’t going to derail your saving efforts. Possibly give yourself a small loan. You can tweak your budget in the coming months by putting aside a few extra dollars and devote those dollars to holiday shopping now. In order for this to work, you must be disciplined both with your budgeting and your spending. Don’t break your budget, no matter what. If you decide to shift your budget around and put more money away in the next few months, stick to that plan.
- Share a meal. In lieu of gift giving, have a few friends over for a holiday potluck. Spend time together and enjoy the delicious food, singing songs, playing games or making a holiday craft. Spending quality time together and enjoying a meal can be much more satisfying than opening a present.
- Give cards instead. You can inexpensively create personalized holiday cards with your family’s pictures on them. This is a nice, personal gift for friends and family without breaking the bank.
- Be open and honest. If you tell your close friends and family that gift giving will be a little more frugal this year because of your financial goals, you may find them to be very supportive. People who love you are going to care far more about your family’s financial health and well-being than a gift card or a sweater.
- Bake gifts. Make large batches of cookies, cupcakes or other goodies and deliver them to your friends and family with a card, instead of purchasing costlier gifts. They will appreciate the time you put into baking as well as the delicious treats.
We at The Colgan Team know what it takes to save up to buy a home. If you would like more helpful tips, contact us. We’d be happy to help.
Chris Colgan is the CEO and Team Leader of the Chris Colgan Real Estate Team. Chris was born and raised in Gainesville, Virginia and has been in real estate for 10 years. He is a member of the Re/Max Hall of Fame and is in the top 25 for sales in the state of Virginia out of all Re/Max agents. He has been recognized as one of the United States’ and Canada’s Top 500 Marketing Experts by the National Association of Expert Advisors.