70k in Student Loans GONE

the story of how we eliminated 70,000 in student loan debt andthenwesaved.comI’m so impressed with Elliot and Alison, and I am SO INCREDIBLY happy for them! I got a chance to ask to pick their brains about how they did it. Below is the interview. – Anna

 

The Story of How We Eliminated $70,000 in Student Loan Debt in Only 26 Months…

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in Goals, How To, Motivation, Paying Off Debt
How To Minimize Gift Giving (Without Being a Scrooge)

how to minimize gift giving without being a scroogeGift giving can so easily get out of hand. People often want (or feel obligated) to give more than what they really can actually afford. In some families, gift giving becomes sooo overblown because people end up feeling guilty or frustrated they can’t spend what others can. Don’t worry about them. You do you. While Christmas is the season of giving, you should never give more than you have. It truly is the thought that counts… even if you feel pressured to spend a certain amount. Make an effort to find ways to reduce your spending, and stress, by trying to focus on enjoying the togetherness of family and friends. And getting that to be enough.

 

You can successfully cut down on your holiday gift giving without being labeled a Scrooge by…

  • Checking Your List Twice. If you have a traditional gift list, take it out and review it carefully. You may be surprised to learn just how many people you buy gifts for each year. If you don’t have an official list, now is the time to make one. Be honest about writing down each and every person that you plan on buying gifts for. Then, take the time to review it carefully. Some people you may be able to talk to (like siblings, for example), and just ask them if you can skip the gift exchange this year. My sister, Kelly, is on a Spending Fast, as you know, and she had this conversation with all of us. Also, my husband, has this arrangement with his siblings every year, and it works out great.
  • Making Christmas for the kids. As a family, make the suggestion that adults should only buy gifts for the kids of the family. Set the kid age limit from 0 to 18 or 21 so everyone is on the same page.
  • Deciding on an adult name swap. If your family isn’t happy with just the kids getting something to unwrap Christmas morning, agree to name swap among the adults. Each adult’s name gets put into a hat and drawn by the other adults. Or, if you’re all in different states one person will be the leader by putting everyone’s name in the hat, pulling the names, and informing everyone of who their gift recipient is.
  • Skipping the stockings. Unless your family has a strong tradition surrounding the stockings hung by the fireplace, leave them empty. The extra candy and junk toys likely won’t be missed and you can save additional cash by focusing on the larger gifts wrapped under the tree. Or you can go back to the days of old and fill stockings with fresh fruit (or coal;).
  • Setting affordable spending limits. Set a reasonable spending limit everyone can afford. This can be a great way to set a limit (say $30-ish), give 1 person something they really want (rather than them getting lots of small things they don’t really care for), and everyone ends up spending quite a bit less overall.
  • Asking for a wish list. To prevent spending money on gifts no one likes, ask for a wish list from everyone with three or four things listed in the right price range to help point people in the right shopping direction.
  • Banking cash for family trips. For families that don’t have small children to give to, perhaps an all-year around savings plan can be put in place towards group holiday family vacations. Stop spending so much money during the holidays and invest it wisely in a vacation fund for next year. As a family, choose the destination together. With a great trip on the horizon, people likely won’t even miss not having gifts under the tree. (Make a tasty breakfast then volunteer Christmas morning if you’re worried about their being a hole where you’d normally be opening gifts. OR, this is one of my favorite ideas, write each other letters telling each other things you love about one another, put them all under the tree, and read them silently or to each other. Guaranteed tears, people.)
  • Planing a party. If an annual family vacation isn’t in the cards, try saving gift money to go towards a big holiday party. Focus on the people that are invited, and not on the decorations or material things. Make it a time to really remember for each of your friends and family members invited. Have everyone chip in for the food so the financial burden isn’t left to just one person or the family where the event is being held.
  • Opting out at work. Work-related expenses can be a large burden and also the cause of hurt feelings. Suggest that co-workers move to a Secret Santa idea with strict spending limits for gift-giving to cut down on expenses. You may also want to consider opting out completely of holiday gift-giving. Bring your co-workers homemade cookies or some other treat instead. I did this in the past by adding a nice note, a cute free printable holiday tag, and it worked perfectly.

 

Do you make an attempt to keep the gift-giving reeled in or do you go hog wild and deal with the consequences later? Do you have any tips for keeping costs down during the holidays?

P.S. Have you tried these pumpkin spice cupcakes with browned butter cinnamon buttercream? Omg. So good.

3 comments

in Seasonal, Societal Pressures
Earn Up to $300 in Extra Holiday Cash with these Side Jobs

holiday side jobs andthenwesaved.com

Making some extra cash for the holidays is a good way to feel better about the spending you do. You can limit the debts you’re creating and hopefully move into the New Year with a clean financial slate. Consider earning extra holiday cash to pay for the gifts you buy or for the party you plan to throw. The holidays are a prime time to take advantage of other people’s very busy schedules. A lot of times people will be willing to pay you to lighten their load by taking care of things they cannot. Win. Win.

 

9 Creative Ways to Earn Extra Holiday Cash… 

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in Make More Money, Seasonal
  • Anna

    Hi, I'm Anna! I paid off close to 24k in debt in only 15 months & it completely changed my life! I want you to have a debt-free life too so here you'll be able to read all about: How to do a Spending Fast®, saving & making more money, DIY's, & a lot about living awesomely with less. Let's do this!

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