Feeling Deprived by the Pandemic? Don’t Overdo the Holiday Spending

One of the best ways to avoid the holiday spending regret that sometimes hits us in January when we realize that we have overspent in the months before, is to have a game plan. During this year when many have had so many changes, adjustments, and disappointments, you can save yourself even more anguish by planning your spending for upcoming holidays. If you can set a budget ahead of time, that will keep you from spending too much.

Sometimes when we feel as if we are missing out, we find ways to make up for it; just make sure that you are not jeopardizing you’re finances when you do this. Some people will not be able or not want to travel and this may make you feel that it is okay to overspend on food or gifts while staying at home. Someone else may see that they cannot travel exactly where they want for the holidays but find that they can go elsewhere. But if plane tickets or accommodations are pricier for pandemic-related reasons, is it really worth it? Even when you find a pandemic-related bargain on travel, you may be tempted to spend more in other areas because you are feeling deprived.

Whether you are looking forward to the fall and winter holidays or feel they are a long way off, you should know that retailers have plans to turn a profit.  “From Black Friday to parking lot pop-ups: 5 ways holiday shopping will change,” an article published in The Washington Post offers a glimpse at some of the methods that will be used tempt you to spend more. For one thing, stores plan to offer deals aimed at holiday shoppers earlier this year. This is in part because stores do not want to encourage a lot of people to head to stores at a certain time this year, so they are spreading out the deals.

And it is likely that retailer websites will follow suit and also offer deals earlier. So even if you aren’t tempted to go into a store to browse, they can still tempt you with online bargains.

©Bring Clarity to Your Finances™. Feeling Deprived by the Pandemic? Don’t Overdo the Holiday Spending is a post from Bring Clarity to Your Finances™

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Claire Emory, MBA, CFA, CFP®

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