‘Twas The Night Before Christmas (2024 Version)
‘Twas 33 days till Christmas, and all through the house,
Our wallets were shrinking, including my spouse’s.
The gifts were picked on my phone with no care,
But the credit card balance—yikes, beware!
Hey 
– Michael, here.
Happy Friday, November 22nd.
The holidays have pulled up to the curb, and it’s time to savor the season—not overspend. Let’s revisit some tried-and-true tips on keeping your holiday budget intact while adding a few fresh insights into 2024.
Align Your Budget with What Actually Matters
Holiday cheer or holiday fear? It all depends on whether your spending reflects your priorities. Take five minutes to ask yourself: what’s really important to you this season? Is it making memories, connecting with loved ones, or just not wanting to cringe when the January credit card bill rolls in?
Gift-Giving: Real Talk
Here’s the thing—no one actually wants you to go broke trying to out-gift Santa. Start a conversation with your family now, and you might just save yourself (and them) a lot of stress.
- Play Santa Lite: Suggest drawing names so everyone focuses on one thoughtful gift instead of gifting the whole family tree.
- Set a “Jolly” Budget Cap: No one goes over the agreed amount, and everyone stays merry.
- Choose Experiences Over Stuff: Skip the mall and plan a family day baking cookies, watching holiday movies, or taking a scenic walk with cocoa in hand.
You’d be surprised how quickly everyone jumps on board when the pressure’s off. Plus, you avoid that awkward “I didn’t know we were exchanging gifts!” moment.
Set a Budget
This isn’t your “I think this is what I’ll spend” type of budget.
Block out an hour this weekend, sit down—maybe even with your significant other if you share expenses—and write down every holiday-related cost.
Include gifts, festive food, decorations, travel, and even those small “white elephant” gifts for the office party.
As you add it all up, ask yourself: can I afford this?
If not, adjust it now before shopping starts.
Inventory What You Already Have
Remember that “gift closet” you set up?
It’s time to dig through it.
Inventorying what you already own can save you from buying duplicates or unnecessary extras. On more than one occasion, we’ve found items that were tucked away and forgotten.
Let’s make sure those perfect gifts are actually under the tree this year.
Shop with Intention
Gone are the days of chaotic Black Fridays.
Now, it’s more of an online marathon than a one-day race. Embrace it! Start your shopping early to avoid last-minute splurges. Remember: online shopping means it’s easy to overspend with just a click.
Stick to your budgeted list, and if you’re up for it, try to shop locally—many small businesses offer great deals this time of year.
Track Your Spending
For every item, track what you’re spending.
You can use a shared Excel sheet or even a budgeting app like Santa’s Bag to log each purchase in real-time. (Truthfully, this is how Tina and I do Christmas for “the Girls, their husbands, and the Grandkids.” I can send you the last 7 years as I still have them.)
DO IT – IT WORKS.
This step might seem tedious, but it’s a lifesaver if you want to prevent your budget from being derailed by “just one more” gift.
Know When to Stop
Once you’ve checked everyone off your list, stop spending! (See Track Spending Above)
This may sound simple, but it’s often the hardest step. With all the seasonal promotions, it’s easy to keep buying “just in case.” However, once you’ve crossed them off the list, you’re done.
This discipline will save you from the January regret that comes with a ballooned credit card balance.
This holiday season, celebrate with financial peace of mind. Make memories, enjoy the festivities, and, most importantly, keep your wallet intact.
