How to Spend Consciously (and Avoid Money Stress) this Holiday Season

With American Thanksgiving, Christmas, Hanukah and other holiday celebrations approaching, it’s not too early to think about holiday spending. Many people feel stressed about spending and then struggle in January when the credit card bills come in.

Today, let’s introduce a Conscious Gift-Giving Plan so that you fly through the holidays with financial peace of mind, not stress. The main principle behind conscious gift-giving is to align it with your current financial picture—you either save in advance for gifts, or you buy within your means. But, you don’t go into debt to give a gift.

While you may put things on a credit card, the goal is to have the money sitting in your account to pay off that credit card when it’s due, so that you don’t carry a balance forward.

(No one wants to still be paying for holiday spending in March, right? No fun.)

6 Simple Steps to Create Your Conscious Gift-Giving Plan:

Step 1: Choose the total amount to spend on gifts.

As mentioned, this amount should be one that doesn’t cause you stress, is within your means and can easily be paid for. BONUS TIP: Get into a habit of putting money aside in non-holiday months (i.e. right now) to save up for holiday spending.

Step 2: Decide how you want to feel throughout the holiday season and beyond.

Knowing now how you want to feel helps you make decisions that honour you, as opposed to please others.

Step 3: Make a Love List of people to buy for.

Be selective and ensure you really want to buy for each person on the list. If you feel you have to buy for someone, challenge that reason. Remember, you want to prioritize financial peace of mind.

Step 4: Allocate the amount from Step 1 to people on your list.

Work with the assumption that the total amount you spend can’t increase. Only the allocation between people can change. If need be, revisit Step 2 and trim people from the Love List. It’s sacred.

Step 5: Begin brainstorming gift ideas that fit your amount for each person.

Go online for gifts ideas and pricing. Take advantage of sales prior to the Christmas holiday season, including Black Friday and Cyber Monday around American Thanksgiving.

Step 6: Think outside the box and consider non-monetary gifts.

Maybe they are things you make, bake or experiences you can share together.

For example, if you and a friend buy gifts for each other that neither of you needs, perhaps time spent together would be more meaningful. Be willing to have that conversation and create a fun date. My extended family chooses to buy gifts only for the children. The gift for us adults is simply coming together in celebration.

The most important part of a Conscious Gift-Giving Plan is to stick to it. Remember the plan is there to honour you. Abandoning the plan would be like saying, “My financial peace of mind isn’t important.”

Yet we know it’s fundamental to your health and happiness. So be mindful of those people to whom you overextend your gift-giving. Instead, choose to believe deep down that your presence in their lives is enough. YOU are the greatest gift and your Conscious Plan supports you in keeping your sense of worth and inner peace intact.

Happy (Conscious) Gift-Giving!

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About the Author

Paula Onysko is a money & business coach with 20 years of experience as a successful multi six-figure entrepreneur. Combining her corporate business background with coaching and communications expertise, Paula helps soulful entrepreneurs create more income with ease, flow and fun. She guides them to expand their money mindset, create compelling offers, message their magic and sell the soulful way. Discover how she can help you.

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