reducing spending for special occasions and holidays
TRANSCRIPT
Reducing Spending for Special Occasions and Holidays
Throughout the year, consumers spend a significant amount of money for birthdays, Valentine’s Day, anniversaries, weddings, Easter, Halloween, Christmas and many other special occasions. The
average person spends over $1000 per year for Valentine’s Day and Christmas together. Learn a variety of ways to reduce spending with ideas for decorations, costumes, gifts, paper products, food
choices, and much more. Enjoy the special occasions next year without breaking the bank!
Diana Stone HHS Educator
Purdue Extension—Shelby County
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Reduce Spending for Special Occasions and Holidays
Developed by: Diana Stone e-mail: [email protected] HHS Extension Educator—Shelby County
Lesson Goal: Participants will identify several ways to reduce spending for special occasions and holidays without sacrificing the quality of the holiday experience. Participants will also prepare a holiday spending plan.
Introductory Questions:
1) What makes a special occasion or holiday memorable? 2) What special occasions/holidays do you spend money on each year? 3) How much do you spend each year for all of the items involved in celebrating holidays
(cards, gifts, wrapping, food, etc.)?
Spending time with family and friends and celebrating together are often the things that people remember about the holidays and special occasions. According to research, it is experiences that are more likely to make people happy than material purchases. Family traditions are often associated with the experience and with the food served at the event. What do you value most about these events? Keeping that in mind, you can reduce your spending without sacrificing the experience!
How much do holidays and special occasions really cost us? Do you know how much these activities/events cost you each year? Looking at the top three holiday expenditures: Halloween, Christmas, and Valentine’s Day, the average consumer spends $74 for Halloween and close to $1000 for Christmas and Valentine’s Day. When determining how much you spend, remember to include cards, gift-wrap, ribbon, gifts, candy, costumes for Halloween, decorations; anything you purchase for the occasion. It really does all add up rather quickly! The most important step in reducing spending is to establish a spending plan. In order to accurately determine the expenses, you will need to identify all of the special occasions and holidays that you will require spending money for the upcoming year. If this seems too overwhelming, then identify the expenses for one event at a time. Be sure to include travel, gifts, cards, wrapping, decorations—all of the items that require money.
Leader will give each participant a spending plan handout at this time. Once you have identified all of the possible costs, write the amount that you will spend for each item. Be sure to set a realistic amount. One way to determine how much to allow for the item is to determine how much you have spent in the past for this occasion/holiday. For example, you have a wedding coming up this summer. How much do you typically spend on a wedding gift? Use that amount as a base. Participants will want to complete the spending plan at home when they have time to fill in the expenses.
What happens when we add up the total year’s expenses and realize that we need to reduce the spending? Leader will share the Reducing Spending handout.
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Ideas for Reducing Special Occasion and Holiday Expenses
Reduce amount spent by using coupons or shopping sales
• Shopping out of season may also be helpful • If you are purchasing food, fresh produce is less expensive in season • Coupons or discounts for travel expenses may be available through
Groupon (www.groupon.com). We have had good luck with hotel accomodations through Groupon.
• Shopping for next year, especially right after the holiday may provide significant savings. Some items may be a 75% savings. Tip: If you save significantly on the gift, don’t feel like you have to add an additional item or two just because you didn’t pay full price!
Handmade items
• A handmade item is often a great choice because it is a gift from the heart. You took time to make the gift and that makes it special to the recipient.
• If you are looking for great ideas that are not time consuming, Pinterest is a great option. The ideas there are limitless!
• Magazines provide great ideas—a magazine last winter shared an idea for making a dip appetizer kit (three dip mixes with a sleeve of crackers placed in a basket with ribbon tied across the top).
Recycled items
• Card fronts can make great gift tags. • Recycle the gift bags that you receive with a gift. • Vases, boxes, tins, etc. are also great items to recycle. • Think of some creative packaging ideas—tins, buckets/pails, cinch
sacs, decorative boxes, baskets, glass jars • Pinterest is a great place for ideas in recycling too! In the search, type
recycled crafts, recycled projects, or recycled furniture.
Places for Inexpensive Purchases • Dollar Tree • Oriental Trading • Thrift Stores
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• Consignment Shops—good place for Halloween costumes • Flea Markets • Discount Stores • Outlet Stores
Food Purchases
• Consider buying meat in large portions so that you can cut it up. • Shop local grocery ads. • Consider a pitch-in instead of one person having to prepare all of the
food. • If traveling, take snacks and food items with you so that you do not
have to spend as much money eating out. • If candy is on the expense list, shop sales.
Remember that spending time together and enjoying one another’s company is without monetary cost, but has great value now and in the future! You don’t always have to include a purchased gift with a special occasion or holiday; you can give the gift of time. Note: You could make your own gift certificate for free babysitting, free lawn mowing, or free garden help.
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If you would like a plan for saving money to cover the Special Occasion/Holiday expenses, you may want to utilize the 52 Week Savings handout. This is a simple way for consumers to save a little bit each week and have over $1,300 at the end of the year. You simply save the dollar amount of the corresponding week in the calendar year. For example, the first week you save $1 and the last week of the year you save $52. What ideas would you like to share that help you save money for holidays and special occasions? Note to leader: The bold questions are for discussion with the group. Sources Managing Holiday Expenses: How to Reduce Spending to Decrease Financial Stress. University of Kentucky, Jennifer Hunter and Laura Frey (FCS5-462). www.AmericaSaves.org, Beware of Holiday Budget Busters. Coming Soon to Your Neighborhood: A Four Month Spending Spree! University of Illinois, Kathy Sweedler, Sasha Grabenstetter, Karen Chan, and Pam Atkinson, October 2015.
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52 Week Savings Challenge Keep this chart in a place you look at every day so that you can track your savings progress using this simple program. Deposit the recommended amount each week and mark it in the “Deposit Complete” column. 52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
52 Week Savings Challenge
1 $1 $1 27 $27 $378 2 $2 $3 28 $28 $406 3 $3 $6 29 $29 $435 4 $4 $10 30 $30 $465 5 $5 $15 31 $31 $496 6 $6 $21 32 $32 $528 7 $7 $28 33 $33 $561 8 $8 $36 34 $34 $595 9 $9 $45 35 $35 $630 10 $10 $55 36 $36 $666 11 $11 $66 37 $37 $703 12 $12 $78 38 $38 $741 13 $13 $91 39 $39 $780 14 $14 $105 40 $40 $820 15 $15 $120 41 $41 $861 16 $16 $136 42 $42 $903 17 $17 $153 43 $43 $946 18 $18 $171 44 $44 $990 19 $19 $190 45 $45 $1,035 20 $20 $210 46 $46 $1,081 21 $21 $231 47 $47 $1,128 22 $22 $253 48 $48 $1,176 23 $23 $276 49 $49 $1,225 24 $24 $300 50 $50 $1,275 25 $25 $325 51 $51 $1,326 26 $26 $351 52 $52 $1,378
Purdue University is an equal access/equal opportunity institution.
SPECIAL OCCASION SPENDING GIFTS ESTIMATE ACTUAL
NAME GIFT ESTIMATE ACTUAL GIFT WRAPPING
_______________ ______________ __________ __________ Gift Boxes __________ _________ _______________ ______________ __________ __________ Paper __________ _________ _______________ ______________ __________ __________ Bows, tags, tape __________ _________ _______________ ______________ __________ __________ Novelty attachments __________ _________ _______________ ______________ __________ __________ Professional gift wrapping __________ _________ _______________ ______________ __________ __________ Number of gifts____@ $____gift __________ _________ _______________ ______________ __________ __________ Tubes, boxes, packing tape to ship __________ _________ _______________ ______________ __________ __________ Other __________ _________ _______________ ______________ __________ __________ _______________ ______________ __________ __________ HOLIDAY GREETINGS _______________ ______________ __________ __________ Greeting Cards __________ _________ _______________ ______________ __________ __________ Photo Inserts __________ _________ _______________ ______________ __________ __________ Holiday newsletters (paper& printing) __________ _________ _______________ ______________ __________ __________ _______________ ______________ __________ __________ POSTAGE AND SHIPPING _______________ ______________ __________ __________ Cards _______________ ______________ __________ __________ Number of cards_____@ $_____/card __________ _________ _______________ ______________ __________ __________ Packages to be sent _______________ ______________ __________ __________ Number of pkgs _____@ $_____/pkg __________ _________ _______________ ______________ __________ __________ Other __________ _________ _______________ ______________ __________ __________ PICTURES OTHER GIFTS: Charities, office collections, teachers, etc. Printing __________ _________ _______________ ______________ __________ __________ Gifts related to pictures __________ _________ _______________ ______________ __________ __________ _______________ ______________ __________ __________ GIFT MAKING SUPPLIES __________ _________ _______________ ______________ __________ __________ SUBTOTAL __________ _________ _______________ ______________ __________ __________ SUBTOTAL __________ __________ TURN PAGE
ESTIMATE ACTUAL ESTIMATE ACTUAL TRAVEL ENTERTAINING continued Gas for in town shopping trips __________ __________ Being entertained by others: Long distance travel: Hostess/Host gifts __________ _________ Mileage or airfare __________ __________ Child care __________ _________ Meals on the road __________ __________ Num. of days/nights____@ $____/ngt __________ _________ Lodging __________ __________ Parking lot/garage, tolls, etc __________ __________ New clothes __________ _________ Other __________ __________ Dry cleaning (clothes & linens) __________ _________ DECORATING MISCELLANEOUS Household decorations __________ __________ Meals eaten in restaurants Greenery (wreaths, garland) __________ __________ Num. of meals_____@ $_____/meal __________ _________ Candles __________ __________ Seasonal tapes, videos & CDs __________ _________ Fresh and/or silk flowers __________ __________ Movie, play and concert tickets __________ _________ Outdoor decorations __________ __________ Professional housecleaning __________ _________ Outdoor lighting __________ __________ Professional carpet cleaning __________ _________ Other __________ _________ HOLIDAY/SPECIAL OCCASION BAKING Other __________ _________ Staples (flour, sugar, chocolate chips) __________ __________ Other __________ _________ Special Ingredients (nuts, candied fruit) __________ __________ SUBTOTAL __________ _________ Equipment __________ __________ ENTERTAINING SUBTOTAL COLUMN 1 PAGE 1 __________ _________ Entertaining others: Function:___________________________ SUBTOTAL COLUMN 2 PAGE 1 __________ _________ Food cost __________ __________ Beverage cost __________ __________ SUBTOTAL COLUMN 1 PAGE 2 __________ _________ Invitations and stamps __________ __________ Miscellaneous __________ __________ SUBTOTAL COLUMN 2 PAGE 2 __________ _________ Other __________ __________ SUBTOTAL __________ __________ TOTAL HOLIDAY EXPENDITURES __________ _________ Adapted by Diana Stone, HHS, Purdue Extension from a document developed by J Hahn, FCS, Virginia Cooperative Extension.
Purdue University is an equal access/equal opportunity institution.