Christmas is only weeks away, and millions of people across America will be buying gifts and goods for this holiday season. If you've been saving for your home loan, however, you may find it hard to stay on track, especially when you feel obliged to splurge on expensive presents. By being open with your friends and family about your mortgage priorities, you can enjoy the festivities without worrying about spending too much or feeling guilty for not going all out.
Statistics from the American Research Group show that, on average, people intend to spend around $929 on holiday gifts this year. There's also often the need to pay for seasonal décor, parties, food, and charitable giving. For Americans trying to save for a down payment on their first home, or even simply making hefty mortgage payments, it can be a challenging time of year.
Talk frankly with family and friends about your need to save money. Most people will fully understand the commitment and discipline it takes to save and buy a home – you might even find that some of your loved ones are in a similar position. By communicating about your concerns over Christmas spending, it's easier to find other ways to celebrate. For example, instead of the usual extravagant gift-giving, you could all agree to set a smaller budget on gift purchases. Groups of friends might enjoy a Secret Santa exchange, where you each buy one person a gift instead of buying expensive presents for everyone. Buying a single family gift can also work out cheaper than individual gifts.
There are ways to enjoy the festive season without spending vast amounts. by being honest with loved ones, there's a chance to save for a mortgage and enjoy Christmas too.
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