It’s easy to get caught up in the holiday spirit, but between gifts, holiday parties, travel, and special activities the expenses can add up quickly. If you’re saving for a new home, those extra expenses can potentially derail your plans.
Thankfully you don’t have to be a total Scrooge in order to balance saving for a new home with holiday spending. Here are five tips that will help you keep your savings on track while still enjoying the holiday season.
Be open with your family and friends
Be upfront with your loved ones. Explain that since you’re saving for a new home, you will need to dial down the spending this year. People understand the financial undertaking saving for a down payment is and will support your decision.
Set a budget
Budgets provide boundaries and help keep your spending in check. Which is important when you’re saving for a new home. Determine how much you can afford to spend on gifts, food, travel, and more this season and stick to it. Be sure to include charitable contributions and add a small buffer for unexpected expenses. There are several tools and apps that can keep track of spending or opt for cash if credit cards provide too much temptation.
Make a list
Avoid going to the store or shopping online without a plan. Request gift lists from your family and make a shopping list. This will keep you from buying something because it looked like a good deal or tossing expensive add-ons that will push you over your spending limit.
Find free and inexpensive ways to celebrate
There are plenty of free and inexpensive activities to enjoy during the holiday season, like tree lightings, parades, or other community events. Host a potluck instead of eating out at an expensive restaurant. You can opt for a Secret Santa instead of buying gifts for everyone or bake holiday cookies or other desserts to give as gifts. If you have lots of parties to attend, shop your own closet or consider renting outfits instead of buying something new.
Remind yourself it’s okay
You may feel guilty for reducing your spending but remember that the holidays won’t be ruined because you spent less this year! There are plenty of ways to show your appreciation and love for your friends and family that don’t require expensive gifts. Focus on the overall goal of buying your new home and keep moving towards your goal.
These strategies will help you maintain your saving momentum so you can celebrate future holidays in your new home.
Discovery Homes builds new homes throughout the Bay Area that are perfect for families of all sizes, whether you’re looking for your first or your forever home. Ready to get started on your home buying journey? Visit us online at DiscoveryHomes.com to learn more about our new home communities, view virtual tours, and more.
We look forward to welcoming you home.