The holiday season brings joy, celebration, and often, financial stress. Between gifts, travel, and festive gatherings, it’s easy to let spending spiral. I’ve learned over the years that the excitement of the season can quickly fade if January arrives with financial regret. The key is
finding balance between generosity, responsibility, and enjoying the holidays without compromising your financial peace of mind.
Below are a few ways to better enjoy the holidays while keeping your finances in check:
Establish a Defined Budget
Start by creating a realistic budget. Determine how much you can afford to spend overall; then divide it into categories such as gifts, entertainment, travel and food. Having a clear limit for each helps prevent impulse purchases and ensures your spending aligns with your
income.
Focus on Meaningful, Not Extravagant, Giving
Staying within budget does not mean sacrificing generosity. Instead, prioritize thoughtful, meaningful gestures over expensive items. Personalized gifts, shared experiences, or charitable donations in a loved one’s name often create lasting memories without exceeding
financial limits.
Plan Purchases in Advance
Advance planning helps prevent overspending. Begin shopping early to take advantage of sales and to avoid the inflated costs of last-minute purchases. Spreading expenses across several pay periods can also make holiday costs more manageable and reduce financial stress.
Use Credit Strategically
While credit cards can offer rewards and convenience, they require careful management. Avoid carrying balances into the new year, as interest charges can negate any benefits earned. Whenever possible, pay off balances immediately and consider using one primary card for easy tracking.
Prepare for Future Holidays
Once the season concludes, take time to review how closely your spending aligned with your plan. Use these insights to set aside a small monthly amount for the next holiday season. Even modest, consistent savings can provide a meaningful cushion for future expenses.
Maintaining financial discipline during the holidays not only protects your budget but also promotes peace of mind. With thoughtful preparation, you can focus less on spending —and more on celebrating with those who matter most.
Dustin Schofield serves as managing partner of Schofield Wealth Management located at 1079 E. Riverside Dr., Ste. 102, St. George Tel. 435.674.3601 or schofieldwm.com
"Maintaining financial discipline during the holidays not only protects your budget but also promotes peace of mind."