Menu

How to not go broke this holiday season

A Bankrate survey found that 45% of Americans feel compelled to go beyond their comfort zones when buying holiday gifts.

How to not go broke this holiday season

The holiday season is supposed to be merry and bright, but due to the high cost of the holidays and the interpersonal "politics" of things like gifting, shopping and entertaining, it can also be filled with friction between family, friends and loved ones.

A recent Bankrate survey found that 45% of Americans feel compelled to go beyond their comfort zones when buying holiday gifts, and it turns out women are significantly more likely to feel pressured to overspend—moms especially!

With that in mind, here are a few of my favorite tips to help manage the pressure and stress of the holidays so you can actually relax this holiday season without worrying about your finances.

1. Look for the best holiday travel deals—but avoid hidden fees.

Holiday travel can get expensive quickly, especially if you're traveling with kids. Plane tickets add up fast, and it can be hard to keep kids occupied for long periods of time. To get around this, always hunt for holiday travel deals.

Websites like Hipmunk or KAYAK search multiple airline and travel sites at once, making sure you're getting the best deal on all your holiday travel. Remember to be careful of fares that might have hidden fees, though—lots of airlines have "basic economy" tickets now that don't allow you carry-ons or for you to choose your seats, and the last thing you want is to end up having to spread your family out across an airplane.

2. Split the cost of travel whenever you can.

Whenever you can, split the cost of travel with family who live nearby—after all, if you're all going to Grandma's for the holidays you might as well all go together. Renting a minivan or even an RV and playing road trip games on the way is a way to save money and keep your kids occupied at the same time.

Instead of constantly passing money around throughout the trip, let one person pay the cost of gas money or rental car charges and then split the costs. Points junkies will rejoice and the money will be in their bank account before their credit card bill is due. Plus, you'll all save on ATM fees if you're not withdrawing money in towns where your bank doesn't have a branch.

3. Skip the travel, share the party.

If you can, skip the travel entirely and host a party together at someone's home. This year, team up with family to host a higher quality get-together without going broke when you share the responsibilities, and the costs, instead of going out for a big expensive group dinner or trying to cover the costs of everything solo.

Not everyone is an A+ party planner though, so let everyone take on the responsibilities that best suit them. Maybe your aunt makes a mean mulled wine and your cousin would rather just pay for a cleaning service the next day or a babysitter who can keep kids occupied while the adults stay up past their bedtime.

4. Trade competitive gifting for collaborative gifting.

When it comes to gifting, this year is your opportunity to trade competitive gifting for collaborative gifting. When family open gifts together, it can get competitive—who put the most thought into a gift, who gave the most expensive gift, who spent the most time on a gift, or which kid got the most. These competitive moments contribute to so many of the reasons holidays are stressful for lots of moms and families.

Instead of competitive gifting, come together and decide on one higher value gift for each person, then divvy up the cost throughout the family, this way everyone gets equal credit and you can all stick to your budgets. Maybe your mom just wants a day at the spa, and you and your siblings can split the cost of a massage upgrade together. Or you can get your kids a single big gift from the entire family instead of several smaller gifts.

As you're looking at ways to make it through the holiday season with your finances intact, don't forget that the New Year is coming up rapidly. Make sure you come up with a spending plan for the next year before it starts—after all, you can't blow a budget you don't have.

Just like experts recommend an "eating plan" as a more long-term approach to dieting, I recommend a "spending plan" instead of a crash money diet. A sustainable spending plan is broken down into the three E's: Essentials (70% of your overall monthly budget for basic expenses like rent or mortgage, utilities, food, transportation, insurances); Endgame (15% of your monthly budget for things for your future like savings accounts, investment accounts, retirement accounts); and Extras (15% of your monthly budget for, well, whatever does it for you). Set this budget before the New Year starts and use whatever tools work for you to track your spending, and then set regular check-ins to make sure you're staying on track throughout the new year.

You might also like:

Nuna

New mama life is often fraught with decision fatigue. From choosing a pediatrician to choosing a baby monitor, it can be difficult to know which solutions are made to last. Fortunately, Nuna just made one very important decision a lot easier. That's because their new MIXX Next Stroller has everything a new parent needs to get out, get around and get everything done.

An upgraded version of their popular MIXX stroller, the MIXX Next features a more compact fold (shaving 6.5 inches off the folded size, down to 27.5 inches long and 23.6 inches wide) thanks to a compact fold-away axle where the rear wheels tuck under the frame when it folds. Plus, the new model also stays standing when folded—meaning no more back-straining as you bend to pick up your folded stroller and heave it into the trunk. Instead, the MIXX Next can be tucked more easily into storage whenever your ride comes to an end.


Nuna Mixx Next Stroller


Speaking of the ride, your little one will love the new rear-wheel Free Flex suspension™ and front-wheel progression suspension technology that absorbs more shock as you roll over uneven terrain. The wheels have also been updated to tough, rubber foam-filled tires for a smoother, more durable ride and the no re-thread harness makes it easy to clip your baby in securely and quickly. And when all those gentle bumps lull your baby to sleep? The seat features a five-position recline that adjusts quickly with one-hand—all the way down to a true-flat sleeper recline—just don't forget to move them to their crib when you arrive home. (Don't forget to extend the water repellent, UPF 50+ canopy to keep those sleepy eyes shaded.) Even better, the all-season seat keeps baby cozy in winter and unsnaps to mesh for a cooler ride in the summer.

Perhaps most importantly, though, this stroller is made to last. (After all, what's the point of solving a mama dilemma if it creates another one a few months down the road?) The MIXX Next pairs perfectly with all Nuna PIPA™ series infant car seats using the included car seat ring adapter, and then adapts to a child seat that can face toward you (for a little face time) or forward for when your little one is ready to take on the world. All in all, this stroller gets you where you need to go with a child up to 50 pounds, meaning it's the only one you'll ever need.

The MIXX Next is available in three colors and retails for $749.95.

This article was sponsored by Nuna. Thank you for supporting the brands that support Motherly and mamas.

Our Partners

Every week, we stock the Motherly Shop with innovative and fresh products from brands we feel good about. We want to be certain you don't miss anything, so to keep you in the loop, we're providing a cheat sheet.

So, what's new this week? All things maternity fashion, mama.

Stowaway Collection Maternity: Modern maternity wear that shows off your bump.

Finding clothes that still make you feel like yourself isn't always easy. With their premium fabrics and universally flattering cuts, we can't get enough of the maternity wardrobe essentials from Stowaway Collection maternity. Even better? Everything from the mama/daughter duo owned brand is sewn in Long Island City, NY and they source USA-made fabric whenever possible.

Superkin: High tech, low maintenance clothing designed for mamas.

Superkin's line of focused essentials (launched by two retail execs, Miriam Williams and Tara Henning, who worked for world-class brands like Louis Vuitton, Walmart, J.Crew and Narvar) are meticulously designed with the needs of mamas in mind. Made from luxurious, wear tested fabrics and featuring thoughtful design details, they've created a line of clothing women actually want to wear. Each piece is a welcome addition to a solid maternity capsule wardrobe, making them a worthy investment from the first trimester.

Tellus Mater: Sophisticated, luxury maternity wear with a minimalist aesthetic.

Founded by a former ELLE and Marie Claire beauty editor, Tellus Mater offers high-end, sophisticated maternity looks. Designed for mamas who are looking beyond the standard ruched dresses and oversize T-shirts, the considered line features classic white blouses, tailored trousers and fitted turtlenecks with a minimalist aesthetic. Their classic feel can easily carry mamas from meetings to business dinners all in one day.

Not sure where to start? Here's what we're adding to our cart:

Keep reading Show less
Shop

Do you need a family emergency kit? (Hint: Yes, you totally do)

It only takes a few minutes to be better prepared for emergencies.

Right now is understandably a time for concern, but the same message applies: Prepare, don't panic. We parents have a responsibility to care and provide for our children, ensuring their well-being before and after any disruptive event, whether it's a natural disaster or an outbreak that forces temporary shutdowns and closures in our community. When it comes to emergency preparation, I always tell parents one thing: You want to have a plan just in case the worst really does happen.

As a mom of three young kids with a firefighter husband, I'm constantly anticipating potential problems—and thinking ahead about how to cope. Thinking ahead and planning has saved me many nights of pacing the floor, and has made me feel more confident as a parent.

Keep reading Show less
Learn + Play