Preparing for the Holidays with Bridget & Kylie

On this episode of Financially Naked: Stories from The Financial Gym, employees Bridget and Kylie sit down to talk about preparing for the Holidays. They chat about how to plan, what to do if you haven't planned as well as you wanted, and other tips for navigating the festive season.

Podcast Notes

• To get us started, Bridget and Kylie chat about when it is appropriate to start listening to Christmas music.
• When it comes to the holidays, ideally it is best to be planning all year round.
• Though, if you haven't, (don't worry, this is lots of us), here are some tips for creating a holiday budget:
• First: make a list of everyone you plan to buy a gift for. Second: check it twiceThird: assign a dollar amount to each gift and build in a little buffer.
• Do this in a spreadsheet, app, or piece of paper. Whatever works for you!
• Redirect any automatic savings from your other goals into a holiday fund for a month or so to cash flow your list.
• If you have a travel fund or other sinking funds, it's cool to pull cash from there.
• Your emergency fund is also an option, though the other ones above are preferred.

GET CREATIVE

• If you're from a big family where everyone buys gifts for everyone, try a Secret Santa. This is a great way for everyone to get a gift and ease the shopping burden.
• You and your siblings can go in together to buy one thing for your parents.
• Instead of exchanging gifts with your siblings, pool your money and go out for a nice dinner. The kids can have a fun night with Grandma & Grandpa while you all hang out.
• For people who buy themselves everything they need, donating to a cause they care about in their name is an option.
• Remember when giving gifts, it's not always about the dollar amount spent, rather the time and thought behind it.
• If you're in a group that hasn't set a budget, suggest it! Other folks are trying to figure out their holiday spending plan as well and might appreciate the idea!
• If gift-giving is your love language, remember, something meaningful is more important than a high dollar amount.
• It is important to take care of yourself financially in order to give gifts throughout the year and holiday season. The people you are giving gifts to are those most important in your life. They wouldn't want you to go into hardship for a gift.
• Always add some wiggle room! Life happens, things pop up, you want to enjoy the season!

OTHER EXPENSES TO LOOK OUT FOR

• TRAVEL! If you are someone who knows you will be traveling for the holiday, set a calendar reminder for yourself in October to book the tickets.
• Holiday decorations are another thing people forget to include in their budget
• The Christmas Tree!
• Going to holiday parties and grabbing drinks after or just meeting up with friends for meals more frequently. Everyone is cheery and you'll probably want another drink.
• If you're having people over or planning a holiday meal, the extra grocery costs.

FINAL THOUGHTS

• It is tempting to buy things for ourselves while shopping for others.
• Remember, people will be giving you gifts and there will be sales after Christmas.
• Try to avoid buying for yourself until after the New Year. Spend the time between Christmas and January 1 cleaning out the closet, cabinets, etc, and making a list of things you actually need.
• This way you can assess how the holiday spending was and purchase what you need intentionally from there.
• Set a budget, like anything else in life. The whole point of the season is to be with people you care about and enjoy it. Don't let the money stress you out.
• If you're a client at the gym, your trainer will help you with that!
• If you aren't a client yet, sign up before the new year to start 2022 off with a trainer, who will make sure you're planning for all the things you love and care about.

Random Three Questions - Holiday Edition

1. What is the most memorable gift you received as a kid?
2. What Holiday song can you not get enough of?
3. What is your favorite Christmas cookie?

Meet The Trainers

Meet Bridget, Head of Trainer Development (the very first employee at the gym)

Meet Kylie, Certified Level Two Financial Trainer