Celebrating Christmas on a budget can set you up for success on your wealth building journey in 2023. The key is knowing how to steward your money. During the holiday season, that can be easier said than done. This is the time of year when so many of us spend our money on gifts, decorations, travel, and over-the-top meals. We see evidence of that in holiday retail sales, which are projected to reach between $960.4 billion and $960.4 billion this year, according to the National Retail Federation.  

We are responsible for our finances in every season – including the holidays when we may be tempted to spend more than usual. Proverbs 21:20 (NLT) says, ‘The wise have wealth and luxury, but fools spend whatever they get.” If you need help making wise spending choices this holiday season, you are in the right place. In this blog, you will find 3 tips to help you celebrate Christmas on a budget and steward your money wisely this holiday season.

They are:

1. Remember the Reason
2. Create a Budget
3. Get Creative 

1. Remember the Reason

In the Christmas story found in the Bible, wise men known as Magi bring gifts to honor the birth of the chosen one known as the Messiah, Jesus Christ. Today, many of us who observe this holiday continue to celebrate by sharing gifts with our loved ones. But, if we are not careful, our focus can shift from celebrating Jesus to creating the perfect celebration. 

There are messages all around us that try to shift our focus from Christ to consumerism on Christmas. The definition of consume is to destroy or use up. And what does it destroy? Our power to get wealth! You can steward your resources wisely no matter how much money you have by focusing on Christ this Christmas season. When you remember that Jesus is the reason for the season, you will discover that the greatest joy is in Him rather than material things. 

2. Create a Budget

If you want to be a good steward of your money this holiday season, you’ll need to celebrate Christmas on a budget. This will help you stay on track and avoid unnecessary holiday spending that can turn into debt. If you are new to budgeting, my blog “Budget Break Down: 3 Simple Steps to Money Mastery” can help you get started. I usually recommend using an 80/20 or 70/30 approach where the majority of your money is used to pay for your expenses and the remainder is used to tithe and invest. 

Your holiday budget may look a bit different. During the holiday season, it’s important to continue prioritizing your expenses. Never neglect your bills to spend money on gifts, travel or any other unique expenses you may encounter during the holiday season. Instead, continue to spend 70 or 80% on your bills and honor God with 10% by tithing. While I would typically recommend that you invest the remaining 10% of your money, this can be used to create a holiday budget if needed. Think about the things you want to spend money on this Christmas season. Do you want to travel to spend time with loved ones? Perhaps there is a list of people you would like to buy gifts for. Take a look at your budget and consider where you’re able to spend and where you may need to make adjustments.

3. Get Creative

No matter what stage of the wealth building journey you find yourself in, there are ways you can be resourceful during the holiday season. When Christmas on a budget doesn’t fit your ideal holiday plans, that means it’s time to get creative. The retail industry may try to convince you that you need to spend money on material things this holiday season, but that couldn’t be further from the truth. Money can’t guarantee happiness over the holidays, so you should never allow money to limit your joy during the Christmas season.  

When you think about your favorite Christmas memories, what stands out to you? Perhaps you remember a gift or two, but chances are you remember you also remember the people who made those memories special. Get creative and think about some new memories that you can make. If you cannot travel to spend time with loved ones, set up a video chat. Instead of spending a lot of money on expensive gifts, do something thoughtful for your loved ones.

If you don’t have anyone to spend the holidays with, find a church or local organization where you can spend some time serving. There are so many ways to spend this Christmas season, and when you get creative, you do not have to exhaust your budget by spending more than you can afford on presents. If you’re looking for a creative gift idea this holiday season, The WealthBuilders Conference can help the people in your life start 2023 off right by maximizing their resources. Click here to learn more about The WealthBuilders Conference.