Budgeting for the holidays
It’s that time of year again – students are starting to have to pinch their pennies. I’m not going to say that you should have made a budget at the beginning of the semester, but I hope you realize it’s about time to budget now. There are less than two months until Christmas, and with that, you need to make a decision. The way I see it, you have three options.
One: don’t buy people presents. This can get awkward if someone buys you a present and you have nothing to give them. I mean, you can always have that untimely conversation with the person (or people) who really wants to get you a present, but due to insisting you don’t have enough money, just won’t get you a gift – or even worse, they’ll get you one anyways.
Two: you can be super stingy (read, creative) with your present purchasing. You know, things like painting someone a beautiful picture on a dollar store canvas, or writing them a song, or maybe even hitting up the thrift store and putting together a box of useless but hilarious Christmas gag gifts. This option can be a good one if you don’t have a job or you have a legitimate reason for being poor, but if your wallet is empty due to a variety of drunken escapades over the last couple of months, your family and friends may be less than impressed.
Three: you can start cutting your spending now in preparation for the whole shindig.
Of course, I recommend option three, but you can choose the best option for yourself.
If you’re short on cash and don’t have a lot to work with, I’d recommend going back to your boss from your summer job and asking if they have any shifts you can cover over the break. While you may have been excited as a kid going to kindergarten when you finally got to leave that place, remember that it was still a paycheck and minimum wage is better than no wage. It’s only a couple of weeks; I’m sure you can muster up the will to go for just a few shifts. While this may not provide dollars right away for Christmas due to pay schedules, you may be looking at money to spend on New Year’s or even textbooks upon your return to Guelph.
In the event that you decided number three was a good option, I’ll lend you some potentially helpful advice that an old roommate of mine used to do. Designate your income/spending money into a variety of envelopes. You’ll need an envelope for rent, food, entertainment, other expenses, and in addition, you’ll need one for holiday spending.
Each person spends a different amount of money on their gifts, so consider making a list of the people for whom you’ll need to get a gift. Designate a maximum spending amount with/for that person and total the maximums (and the minimums, if that’s how you roll). Ensure you have a good idea for what gifts will potentially cost you.
Don’t forget about the holiday activities that come hand-in-hand with gift giving. If you’re not in school or working, you’ll have more free time. Does more free time mean more spending? Or will you be sitting in front of the PS4/Xbox One you’ve decided is a totally justifiable purchase? Just consider the fact that more expenses may arise from hangouts with old/current friends.
Remember, ‘tis the season of giving and that may require you to give something up yourself. Keep in mind that, no matter how poor you are as a university student, there are many people in the world who are in a worse financial position. If you can find some extra cash to give this holiday season, donate it to your favourite charity. If you really don’t have the dollars, time is always appreciated. There are many places around Guelph, and probably in your hometown, where you can volunteer over the holidays and help out people who are less fortunate than you are.