2 seasonal financial strategies worth keeping for next year

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During the holiday season, two essential money skills often come into play, but by January, they seem to vanish as if we’ve never even considered them. Meal planning and pre-planning your spending for gift giving and holiday fun are key money saving strategies that can benefit everyone. Whether you’re aiming to balance your budget or spend wisely to achieve your goals, these holiday habits, even when you get dangerously close to the naughty list, can pave the way for success.

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If you’re worried that you could never meal-plan effectively, think about hosting a holiday gathering for family or friends: That planning has already been good practice. From sourcing ingredients for traditional dishes and new culinary creations to selecting snacks or appetizers, table settings, décor, drinks, and dessert, this is the time of year most people meal-plan successfully. Thorough planning and preparation are crucial because this is the one day a year when forgetting something can have significant consequences. Not only will you be surrounded by hungry guests, but many local stores will also be closed so that their staff can enjoy Christmas and New Year’s celebrations without worrying about work.

Meal planning saves time and money

To carry on this money saving habit, think about what you already know about meal planning and work forward from there. For instance, many people start soon after Thanksgiving, buying non-perishables as they come on sale. So, with the same preparation in mind, shop at home first. Take a good look at what you already have in your pantry and fridge. This not only prevents you from buying duplicates but also helps in creating meals that use what you already have and like to eat. Then, start planning meals around these items, creating a shopping list for the ingredients you’re missing. This strategy alone can significantly reduce food waste and save money, making it a win-win.

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For some families, a weekly plan is ideal, where for other households a four-to-six-week rotation works best. The key is to find a rhythm that suits your family’s lifestyle and schedule. A consistent meal planning routine can help streamline grocery shopping, reduce the temptation to eat out or pick up take-out, and ensure balanced, nutritious meals and snacks.

If you’re worried about enough variety with meal planning, consider incorporating seasonal ingredients into your plans. Seasonal produce is often cheaper, fresher, and more flavourful, but if it’s not available or the price is too high, reach for frozen instead. Frozen ingredients are typically harvested at their peak and preserved to retain the most nutrition. For example, during winter months, root vegetables and hearty greens are great for soups, stews, and casseroles. Being creative and planning meals around these dishes can keep your grocery bill down while providing nutritious and delicious options for your family.

A spending plan will keep you off the naughty list

Pre-planning your holiday spending, even partially, is a crucial money strategy to carry into the new year. If you’re feeling the financial pinch and have left gift shopping to the last minute, you might find yourself calculating how much room you still have on your credit card. When shopping with cash or debit, your limit might be the amount of cash you have left.

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Aligning your spending with your available funds is fundamental to budgeting; maybe you were doing it without even thinking about it, so don’t protest too hard that you don’t know how to budget your money. While making spending decisions based on cash and avoiding debt is preferable to using available credit, sometimes the firm limit imposed by credit can help nudge us from naughty to nice.

There are many ways to budget. If you’ve shopped with credit and expect to start the new year maxed out, part of your newfound budgeting skills can include a plan to pay down that debt. If using an interactive budgeting spreadsheet isn’t your style, an alternative budgeting method is based on keeping a running tally of your spending. By knowing where your spending stands in relation to your bank account, you can avoid the stress that comes with continued overspending and ongoing debt.

Along with planning your spending, consider embracing the concept of intentional spending. This involves being conscious of where your money is going and making mindful and deliberate choices that align with your values and goals. Instead of impulse buying, take a moment to think about whether a purchase is necessary or if it truly brings joy and value to your life; prioritize what truly matters to you. This approach not only helps in managing your holiday expenses but also fosters a healthier relationship with money that can extend well beyond the holiday season.

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As the holiday season starts to wind down and the new year approaches, it’s the perfect time to reflect on your financial habits and set new goals. Give yourself credit for what worked and take note where the naughty can become nice(r). Clear, achievable goals will keep you motivated and focused. This reflection can provide valuable insights and help you make more informed decisions to turn resolutions into results.

Sandra Fry is a Winnipeg-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt for more than 28 years.

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