In this time of economic uncertainty, it is especially important to be mindful of the ways in which we spend our hard earned dollars. Between tariffs, the threat of inflation and so many people not receiving paychecks because of the government shutdown, the holidays are already being deeply impacted for so many people.
Here are a few things that I have been considering to navigate this difficult time:
1) If you shop online for convenience, but are concerned because of all of the stories about delivery people collecting tariffs at the time of delivery, or hyper-inflated costs at checkout, then one thing that I have been doing is ordering products online and then picking them up in store. This way I get them much faster, and if they add additional taxes/tariffs one can simply return the product on the spot. So far, I have only been charged the cost that was indicated when I made the online purchase.
2) Shop locally. It helps to support local businesses in your area, and you don't have to wait for your purchases to be delivered to your home.
3) Give experiences, rather than things. Bring your loved one to a museum, a botanical garden, a concert, etc. If these things are more expensive, then see if other people want to contribute to the gift and attend the event with you.
4) Shop big sales before the holidays, and shop early. Retailers are also worried about the economy, and they want to incentivize us to shop.
5) Do secret santa gifts in your family, and set a realistic budget.
6) Shop discount retailers, and shop early since many people will be doing the same thing.
7) Make gifts for the people on your gift list. If you are an amazing baker, then bake special treats for the people on your list. If you love to make soaps, then make special soaps to give as holiday gifts. You could have a lot of fun creating these goodies for the people that you love, and you don't have to go into debt doing it.
8) Avoid getting yourself into debt to get through the holidays if you are being adversely impacted by these precarious economic times. If you are more concerned about paying the rent/mortgage, health insurance and putting food on the table, then tell your loved ones that you aren't able to do gift exchanges this year. Plan special time together, but find creative ways to minimize the amount of money spent.
What is your advice to weather these uncertain economic times during the holiday season?
