How to Budget for the Holidays and Avoid Overspending (Ep. 34)

The holidays bring joy, but they also bring financial pressure that can leave you dazed come January.

What if you could enjoy the season without the post-holiday regret? What if your spending reflected what truly matters to you?

In this episode, Nick Russell and Becky Wagoner share strategies for managing holiday expenses while staying aligned with your values. From creating supportive budgets to choosing meaningful gifts over material exchanges, they offer fresh perspectives on celebrating without overspending. 

They also reveal startling statistics about gift returns and discuss creative alternatives that prioritize experiences and connections over commercialism.

Key takeaways:

• Creating a budget based on what brings you joy (hosting, gifts, or travel) rather than feeling restricted by arbitrary spending limits
• Starting with 1% of annual income as a holiday budget baseline and building in 5-10% flexibility for unexpected expenses
• Choosing experience-based gifts like time together, teaching family recipes, or childcare exchanges instead of material items
• Celebrating holidays on alternative dates to save on travel costs and reduce stress while maintaining meaningful traditions
• The reality that 17% of gifts (worth $890 billion) are returned annually, with 8.4 billion pounds ending up in landfills
• And more!

Resources:

• Forbes: 12 Tips To Build A Holiday Budget That Won’t Break The Bank
• Optoro: With Returns Fraud & Abuse on the Rise, and 69% of Shoppers Admitting to Wardrobing, with 64% Doing So At Least Once a Month
• NRF and Happy Returns Report: 2024 Retail Returns to Total $890 Billion

Connect with Sunrise Wealth Advisors: 

• LinkedIn: Nick Russell
• Sunrise Wealth Advisors
• X: Nick Russell