With expenses piling on most students’ plates this holiday season, being tactical and savvy with holiday spending can help lessen the weight of some financial burdens.
Inflation rates increased by 4.36% from 2020 to 2021 and continue to grow. According to AmeriChoice, 3 of the top 11 financial issues people currently face are college expenses, cost of living and cost of rent, all of which apply to students living on their own.
The holiday season is definitely something worth adding to the student budget, especially based on the amount Americans tend to spend on it. According to polling done by Gallup, adults plan on spending around $932 on gifts this year which is higher than the estimate in 2021 and 2020. Along with this, 37% of people plan on spending $1,000 or more while only 17% plan on spending less than $250. Director of U.S. Social Research, Lydia Saad, says the higher estimate could be due to inflation.
“When the prices started rising it made me more conscious of where my money was going… but also why I was buying the things I was getting. Just because it is there or because I need it?” Americorp Vista Intern at the KSU Office of Sustainability Jasmine Spade said.
Students who are trying to afford living costs as well as avoid student debt do not have room for a large holiday budget. Becoming an educated consumer is the best way to budget for holidays, according to Spade. In order to avoid falling victim to marketing tactics and the holiday craze, she shops for gifts all through the year. This way, she said, the consumer truly gets the best deal and does not feel motivated to buy more than they need.
Wrapping paper and gift bags can also add up through the holidays. To avoid this buying packaging items after the holiday season ends and saving them for next year can be a good tactic. Reusing gifted bags is also a great way to save money and stay sustainable. Spade believes that sustainability and budgeting can go hand in hand because sustainability is about using what is available rather than buying what is marketed as sustainable.
Everyone wants to feel the holiday spirit and decorate, but constantly buying more decorations is expensive and unsustainable. Instead, buying decorations that have a simpler theme or fit with the pre-existing decorations can allow them to be used year-round. Students should also consider what decorations they should have or the best way to use them, such as setting a timer for decoration lights to save energy and use less electricity. All of these tactics can be used to keep holiday costs low, stay clean and live minimalistic.