The holiday season is a time when most of us loosen our standards and let ourselves spend more freely.
“We get caught up in the excitement of the season and all of the great deals that can be had,” said Annie Hanson, accredited financial counselor at Mindfully Money Financial Coaching. “Even if we are fairly careful with spending most of the year, the holidays have a way of causing us to succumb to our impulses.”
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She said this happens because spending during the holiday season in particular is heavily driven by emotions.
“We get caught up in trying to create the perfect holiday experience and give the perfect gifts,” Hanson noted.
Here are some strategies for making more intentional decisions this holiday season.
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Moderate Your Emotions
Hanson explained that retailers are experts in taking advantage of our emotions by offering major discounts and limited time deals.
“They increase our level of excitement and anxiety, leading us to hit ‘buy now’ before we have a chance to think about it,” the expert said.
Spending money based on emotions is not a bad thing, Hanson noted.
“We all do it because we want to enjoy life. But making spending decisions based ONLY on emotions can be a problem,” she said.
If you want to keep your spending under control and stay on budget, Hanson said you need to get yourself out of the state of heightened emotions so that you can make a better decision.
“The goal isn’t to never buy anything, but rather to be intentional about what you buy,” said Hanson. “You want to stick to buying things that actually provide meaning, and give up all of the meaningless stuff that you don’t actually care about that much.”
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Make a Plan in Advance
According to Hanson, you should spend some time identifying things that you want and need.
“Make a list of the things you’d like to buy for each person,” she said. “Keep reviewing this list throughout the season to help you stay on track.”
Get in the habit of asking yourself if something is on the list before you make a purchase.
Use Time to Your Advantage
The purchases that are most likely to get us into trouble, said Hanson, are the ones we make in the moment.
“We see something on an endcap that we want and toss it into the cart. We come across an item on sale and immediately hit ‘buy now,'” she said. “The problem is we don’t have time to actually consider the purchase.”