Navigating Holiday Spending: Tips for Staying on Budget in 2023

As the holiday season approaches, the National Retail Federation predicts that Americans will be spending record amounts on gifts, decorations, food, and other seasonal items. With overall holiday spending expected to grow between 3% and 4% over last year, reaching a total of between $957.3 billion and $966.6 billion, the average holiday shopper is projected to spend around $875.

The holiday season, which includes Thanksgiving, Christmas, Hanukkah, and Kwanzaa, is a time for gift-giving and celebration. However, for many, the financial strain of holiday expenses can be overwhelming. This is especially true for college students, who may need to be extra mindful of their spending during this time.

To help students and others manage their holiday budgets, the College of Medicine’s Office of Financial Assistance has shared five budgeting tips. These tips include creating a holiday budget based on a percentage of your income, making a gift list with assigned dollar amounts, hosting potlucks to save money on gatherings, considering homemade gifts for a personal touch, and taking advantage of sales and discounts.

While it’s easy to get caught up in the commercial aspects of the holidays, it’s important to remember that there are many ways to spread joy and cheer that don’t involve spending money. Whether it’s spending time with loved ones, volunteering in your community, or simply spreading kindness, the true spirit of the season is about giving in ways that go beyond material gifts. So, as you navigate your holiday spending this year, remember that the most valuable gifts are often the ones that can’t be bought.