How to Financially Plan for Christmas 2020

Yes, I know it’s May 14. Yes, I know this takes type-a to a whole new level. Hear me out.

I adore Christmas and am especially excited about it this year because I bought some more decorations from Walmart on December 26. If you thought I decked the halls last year, just you wait.

Given what we’ve been through, I think Christmas will be especially meaningful this year. I think I speak for just about everyone when I say that I crave home and togetherness. We miss family and, since we lost some traditions this year (St. Patrick’s Day, Easter, Memorial Day), it’ll be nice to have a normal Christmas, God-willing.

I know a lot of people have been struggling financially right now, so this is not meant to stress you out. Feel free to ignore what I have to say.

I’m writing this mostly for those of us who are still (thankfully) employed and aren’t spending a whole lot with restaurants, bars and movie theaters being closed. I, for one, have upped my savings like crazy during this time.

Even though it sounds nuts to be thinking about Christmas right now, if you’re a gift-giver like myself, planning ahead is a financial saving grace.

Set a budget and stick to it.

One downside of starting Christmas shopping early is that I have a tendency to over spend. Say I want to spend $200 on my mom. Then a month before Christmas (after that $200 is long spent on her), I see something else that she would love. Can I still buy it for her? Nope! (Do I still sometimes anyway? Yup! #notperfect). It’s important to show people you love them at Christmas but not break the bank in doing so.

Start a mini savings account

Once you have it figured out what you want to spend on each person, it’s time to start saving. If you have money from the lockdown, great, put it in an account for Christmas. I am a happy PNC customer and have a free checking account for my every day spending and a Virtual Wallet, which comes with three mini accounts. The three mini accounts are called: Growth (for long term savings); Reserve (for bills) and Spend. I use Spend for Christmas savings and Free Checking for every day spending. What’s nice about doing this is that I have two separate debit cards, so if I see something I want to buy for a Christmas present in June, I’ll just use my debit card specifically for that.

Learn a new craft.

No matter how you slice it, Christmas time is HECTIC. Right now? Not so much. Even if things are fully opened in the next few weeks (which is looking unlikely), you’re still going to have way more down time than you will come December. If you’ve always wanted to gift people with handmade items, now’s the time.

I’m chock-full of ideas, and I just need to do them. Do I tie dye aprons for this year’s cookie exchange that I host with my pal, Anna? What about my Cricut? She needs to be put to work!

Last year, I made these ornaments for my colleagues as well as the girls I volunteer with at Junior League. I used THESE wood slices, THIS chalkboard paint and THESE paint markers. I’m pretty happy with how they turned out.

Shop the sales

Some of the Internet sales right now are INSANE. Not Christmas-related, but I got six sweaters and two blouses from Loft’s Warehouse Sale yesterday for a TOTAL of $64. That’s beyond nuts. Anyway, if my family bought clothes for each other for Christmas (we don’t), it would have been a great opportunity to score $8 sweaters that were at one time like $70+.

Between now and Christmas, there will be Memorial Day sales, Labor Day sales, the Lilly Pulitzer After Party sale, Back to School sales, etc. Take advantage of them if you can. Many of them, believe it or not, are way better than Black Friday.

Support small business when most they need it

Small business has been just slaughtered throughout this pandemic and it breaks my heart to see so many great businesses suffering.

If you can afford it, now would be a great time to buy restaurant, airline or salon gift cards for Christmas presents.

Another winner in my book, as always, are supporting the artisans who have Etsy shops. Here are my faves.

KK Made– clothing and graphic tees. Adorable stuff.

Jill Makes– Cutest personalized jewelry

Palm Beach Papery– If you don’t love stationary, something’s wrong.

Sudachan– All thing wiener dogs!

Bespoky– Could these shoes be any more fabulous? My friend Gabriel bought these and has been gushing ever since. They’d make a fabulous Father’s Day present too.

Do you save for Christmas year-round, or are you more of a last minute type? I hope you found this helpful and it at least got you thinking about Jesus’ birthday!

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