Holiday Planning

Yes, I’m ripping off an old TV anchor from the times of yesteryear.

No, I don’t care where your children are.

Yes, I care about you overreaching and under-planning.

No, it’s not too early to think about the holidays!

Break out the good ol’ MFC! It’s time to utilize the gift section of the Bucket Fund!

You ever look at your bank account on January 2nd and wonder what the hell happened? Congratulations, you are not alone! This article, by Cole Tretheway via the Ascent, reports that 7 out of 10 Americans will typically go over budget for the holidays 😬. What’s worse? A survey from Lending Tree found that 35% of Americans took on holiday debt in 2022 🙈.

“If you fail to plan, you plan to fail.” – Benjamin Franklin (possibly)

This quote comes to mind as I read these stats on holiday spending. Whether or not the face of the $100 dollar bill actually said this appears to be up for debate; it’s also irrelevant who it came from, it’s the truth.

I’m willing to bet that most of these people going into debt for the holidays aren’t exactly taking out low interest personal loans. Credit card rates are averaging north of 20%, and a lot of these debts are taking 5+ months to pay off!

I get it, I love giving more than receiving as well; it’s the spirit of the season after all. That said, I’m confident your loved ones would rather see you improving your financial situation than giving them a gift they may forget about. For those of you considering going into debt to get through the holiday season, I beg you to be selfish here and think of your future.

It’s time to take pen to paper… or possibly mouse to spreadsheet? What year is it again? 🤪

Ask yourself the following questions, and come up with an estimated expense for each:

• Am I traveling between now and New Years?
• Who exactly am I giving gifts to? How much $ on each person?
• Do I want to be part of the office gift exchange?
• Am I responsible for food, and/or entertainment this season?
• If hosting a gathering, what might incur costs?
• What new decorations (including trees) am I looking to purchase this year?
• Do I have room to be as charitable as I want to be?

Total this up and add (at least) 10% to whatever you think you’ll spend. Chances are you’ll splurge somewhere when you find the “perfect” gift for someone. If this number surprises you, it might be time to consider a few things.

No different than your core value structure, it’s time to determine if you can feasibly do all the things you want during this time of year. I know, I know, everyone deserves a gift and your presence during the holiday season. Unfortunately, you can’t be everywhere at once, and neither can your money.

If you haven’t already established this, determine who in your life is going to get a gift, and expect nothing in return. Depending on the budget, you might have to make some cuts 😬. It’s always better to address these people with a phone call, but even a text or an email will do. Do it now, don’t wait till 3 days beforehand when they may have already gotten you something.

Black Friday and Cyber Monday might pop up good deals to grab but have a backup plan. Take a quick look at your favorite online vendors and get an estimated cost on the items you are looking to get. Plan on spending at least that amount but be ready to grab it if/when it goes on sale. They tend to move quick, be ready to jump!

You aren’t the only one! Flying during the holidays can be very expensive. Set up alerts for deals, and don’t be afraid to get creative on the route to save. Layovers can be a bit of a drag; but think of it as a great opportunity to meet someone new! Airports are overcrowded this time of year, keep up that holiday spirit and you might run into someone with the same cheer!

Driving long distance instead of flying? Make sure your car is in good condition! Don’t be afraid to get a tune-up and an oil change a little earlier than usual before your trip. Winter driving can be stressful depending on the weather, let alone the added road traffic during the holidays. The last thing you need is to be marooned in a strange town during, what’s supposed to be, the happiest time of year.

If you don’t plan on staying with relatives, you’ll also want to set up alerts for deals on hotels or try to find a price conscious Airbnb. Setting this up ahead of time will alleviate some of the anxiety that can come on strong whilst traveling during the holidays. It also might be best to ship your gifts directly to the destination (or a nearby relative’s house) if possible; traveling with gifts can be a pain.

It’s the reason for the season! Consider donating your time and/or money to places and people in need. DO NOT overextend your generosity in the name of the holidays. We all have finite time and money to give; plan ahead, budget accordingly, and get filled with that joyful spirit!

For my charitable Savvy Solos out there, donations can be tax deductible! These can include cash donations, stock options, or even your time. Be sure to consult your CPA or tax professional to ensure it is filed correctly; but check out this article to get some ideas on processes and amounts.

Giving to the less fortunate feels great! Do it, even if for selfish reasons. I encourage everyone with the means to do so to give as much as they can. Don’t feel bad if you aren’t in a position give just yet; use it as motivation to get your financial house in order.

For those who don’t know the 2nd greatest Christmas movie of all time, you are missing out! Chevy Chase plays Clark Griswold in National Lampoon’s Christmas Vacation, an absolute classic. We are going back to 1989 on this one, so this comedy is primarily slapstick humor based. It’s also a classic case of someone overextending themselves in every direction possible just because it’s Christmas.

Spending time with zany characters in the family is part of everyone’s holiday season. I’m relatively confident you don’t have a cousin Eddy running around at yours though! 🤪 If you do, please message me immediately, I must hear the story!

At one point Clark spends countless hours setting up lights on his house. By the time it’s all hooked up (and all the bulbs are in place), you can see the house from outer space and the electric meter starts spinning faster than a clock. I don’t think you’ll risk death like he did to accomplish such a feat, but is your time and money really worth it? Feels a lot like buying a BMW to impress your neighbors. That said, if it’s high enough on your list of values, do it!

The real issue any Savvy Solo has with his actions is that he spends his Christmas bonus before he actually received it. I won’t spoil all the juicy fun parts of this movie, but I will spoil this part:

SPOILER ALERT TO A 35-YEAR-OLD MOVIE

Instead of getting a Christmas bonus in a certain dollar amount from his company like he gets every year, Clark receives a one-year subscription to a “Jelly of the Month” club. To nobody’s surprise he completely blows his gasket. The money he was expecting to get was already allocated to build a pool in his backyard, which makes a financial mess of things.

In real life, I once worked for a company that gave out annual bonuses towards the end of December. During a particularly stressful year, we were all told in early December that we weren’t getting a bonus that year. Fine by me, I was happy to still have a job with the way things were going at that time. Another person in that office was absolutely crushed, it was the only way they were going to be able to give gifts this year.

I have no idea if this person went into debt to make their plans happen, or if they had a number of tough conversations. Either way, nobody should ever account for money that isn’t in their possession yet. Sure, you can make plans around your next paycheck; but try to avoid moves you can’t improvise from.

The holiday season is the most joyous and stressful part of the year. A realistic plan of action, and a feasible budget, will allow room for more time spent on core values through these crazy times. We all have a limited number of these in a lifetime, don’t forget to be thankful for what we already have.

It’s not lost on me that the holidays can be a very lonely and depressing time for many solos out there. My heart goes out to you, not everyone is lucky enough to have a large family or group of friends to spend these times with. I would encourage you to spend this point of your life giving back if possible. Being busy during depressing times can help clear your mind and find purpose. It can also give you an outlet to meet agreeable people, thus improving your relational health!

Thanksgiving is right around the corner, don’t forget to plan for that as well! It’s easy to get lost in the stress of the holidays. Don’t be a Griswold, don’t be a grinch, come up with a plan and enjoy the hell out of it!

Stay classy Solos! ✌️

P.S. – Some of you might be wondering… what is the #1 greatest Christmas movie of all time? Answer: Die Hard! Wanna fight? 😂🤪