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  • Writer's picturePenny L.

Covid & Holidays: Smart Spending

Updated: Jul 31, 2023

There is no doubt that the ongoing COVID-19 pandemic is going to completely change the way that families approach the holiday season. In addition to the safety considerations that come with planning a holiday during a pandemic, you also need to consider the financial implications. The health crisis has caused an equally devastating economic crisis that must be considered when planning your holiday spending. Here is how to keep your finances in order while you spend wisely as you balance COVID and the holidays.

Shop the Sales: Now more than ever, you need to be shopping the sales to get the best deals. When it comes to finding the best deals during COVID, the internet is your best friend. Rather than running around to various brick and mortar stores during a pandemic looking for the best prices, you can shop from home to find the deals that you need to fit your budget. Poor credit? This site could help you obtain a card for online shopping.

Online shopping also makes it a breeze to comparison shop so that you do not spend more than you need to. You can start scouring the web for the best Black Friday deals as early as the beginning of November.

Make a List: Before you head out to the stores, be sure that you have a strict shopping list that you can stick with. Having a gift list will help you to avoid overspending on impulse buys that you do not really need. A list will also help you to keep track of your spending so that you do not inadvertently go overboard.

Be Judicious with Your Savings: You do not want to have to dip too far into your savings just to pull off a great Christmas for your family. It is important to keep in mind that you may need these funds later down the road for more important considerations. While it may be tempting to use this money for holiday cheer, you do not want to have to deal with additional stress when the new year rolls around.

Keep Your Personal Financial Situation in Mind: It is easy to fall into the trap of spending too much over the holidays. Before you whip out that credit card, it is vital that you take stock of your personal financial situation. If you are an essential worker with a secure job, you may have a little more flexibility to spend more this year. However, if you have any inkling that your job may not be as secure as you would like, this is the time to be building up your savings and not spending it down.

For many Americans, this is going to be a difficult holiday season for various reasons. You can take the pressure off of your financial situation by being smart about how you spend your way through the holidays.

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