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7-Steps to Creating a Stress-Free & Budget-Friendly Holiday Spending Plan [Solo Show]

APPLE PODCASTS | SPOTIFY Hey friend, Thanksgiving is one week from today. The turkeys will be trotting. And that means Black Friday is just 8 sleeps away… Which means it’s time to get a move on Let’s be real, Black Friday is not what it used to be. Long gone are the days of getting up at […]

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Hey, I’m Shanna Skidmore. Former Fortune 100 Financial Advisor turned Business Consultant. For the past 15 years I’ve worked in finance helping entrepreneurs around the world make more money and then manage it well. During that time I’ve unlocked the blueprint to building a profitable and sustainable business designed to align with the life you want to live.

Here’s the thing—the "business side of running a business" can be hard, and it’s not everyone’s best skill—but it *is* mine. I would be honored to come alongside you on your business journey.

Shanna Skidmore

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Hey friend, Thanksgiving is one week from today. The turkeys will be trotting. And that means Black Friday is just 8 sleeps away… Which means it’s time to get a move on

Let’s be real, Black Friday is not what it used to be. Long gone are the days of getting up at 4 am to go to Kohls and stand in line for an hour in the freezing cold for a $10 fleece blanket. Just me?

But now.. Black Friday. It’s just not the same. And unless you are going for a frame tv or wand vacuum (yes and yes), you’re likely to get the same deals back in October (shhh… the secrets out.)

I say all of this to say — what if we could go into Thanksgiving with our holiday spending plan in place. Imagine opting-out of Black Friday and going to the Christmas tree farm instead. Can we just ask ourselves… What do we want our holiday season to look like, and how can we align our gift giving, and our spending to make our holiday vision come to life?

THAT’s what today’s special SOLO SHOW is all about!

Press play for the full interview or keep reading below!

Photo of Christmas tree and computer with caption: 7-Steps to Creating a Stress-Free and Budget-Friendly Holiday Spending Plan

7 Ways The Skidmores Create a Stress-Free & Budget-Friendly Holiday Spending Plan

According to a CNBC article, 36% of Americans take on debt during the holidays. Another study found it takes an average of 3-5 months to pay off those holiday charges.

There have been years in our marriage when we’ve had funds to spread at Christmas. And there have been years where it was homemade everything (and those have been some of my favorite years!). If you want to give great gifts but don’t want to break the bank doing it, today I am sharing 7-steps to creating a stress free & budget-friendly holiday spending plan.

Whether you have a little or a lot to spend, I believe the key to joyful gift giving is going in with a plan and a spending allowance (aka budget) for giving! Creating this holiday spending plan in advance keeps us from feeling overwhelmed or stressed, and challenges us in a good way to get creative with our gift giving!

I thought it would be helpful to share exactly how we prepare our finances for the extra expense of the holidays without losing the joy and excitement of giving!

Let’s dive in!

First you will want to carve out about 2 hours to go through these 7-steps and create your own holiday spending plan.

Step #1 List Everyone You Need to Buy For

I know this sounds silly, but the first step I do each year is create a full list of everyone we want to give gifts to this season. The list includes family members, neighbors, friends, professionals (like our wonderful house cleaner, or mail carrier), Christmas gift exchanges, party hosts, etc. It’s those extra people on the list who tend to be forgotten or last minute gifts that stretch the budget ;).

Helpful Tip: We create a separate list for business gifts including vendors, clients, your team. While these are business expenses and not personal, it’s still important to go in with a spending plan!

Step #2 Decide Your Entire Budget in Advance

Each year when I update our family budget for the year, we create a “Christmas and gifts” allowance for that year. Once we get to November and start planning for the holidays, I review how much we have left in our gifts budget as well as our current savings to determine our holiday gift budget for the year. I want to know our entire budget before moving on to step #3.

Helpful hint: Don’t forget to budget for extras : things like holiday cards, holiday decor, and buying for yourself (you know you do it!)! Also, if you’re hosting for the holidays budget for extra food costs!

Step #3 Determine a Spending Allowance for Each Person/Item on Your List

Once you know your overall budget (step #2), we go through our master gift list and give a spending allowance for each person. This step takes some time and tweaking to get right, but it feels so good to know how much we have for each person.

Our budget tends to shake out like this (from highest amount to lowest):

Spouse (typically most expensive)
Kids (close second!)
From there immediate family like parents and siblings
Cousins
Grandparents
Outside of family

You get the idea!

Step #4 Brainstorm Creative Ways to Stretch the Budget

Years ago we started exchanging names between our siblings. This way we can spend more on one person rather than buying multiple small gifts. I have a friend who’s parents started the tradition of buy, gift, or make: Buy something new, Gift something you already own that the other person wants, or Make a gift. It’s creative and fun and has now become a beloved tradition in their family. I love this idea! Gifts don’t have to be something purchased or new, get creative!

Here’s what we do: We exchange names between siblings. We typically make something for grandparents. We give baked goods to neighbors and professionals.

Step #5 Brainstorm Gift Ideas Before Buying

Again, I know this sounds simple and can also feel undoable when life is full and busy with all the things but brainstorming gifts in advance is so helpful.

We gather Amazon wish lists for cousins and I love shopping gift guides as well for fun, fresh ideas! Chris loves Julia, Studio McGee, Magnolia and New York Magazine “The Strategist” are four of my favorite resources for gift ideas!

Step #6 Buy Early!

I try to start buying early in November a few gifts a week with an attempt to be done by early December. It doesn’t always happen, but this way I am buying over time and spreading out the cost. I find when I’m rushed, I always end up overspending.

Plus, you’ll find better deals and won’t end up paying for rushed shipping! (give yourself grace here, there will always be someone you forget or something that was forgotten).

Helpful Tip: I have found the best deals on holiday cards are during Black Friday. Go ahead and start getting your list together of names and addresses so you know how many you need and snag a great deal!

Step #7 Remember— Meaningful Gifts Don’t Have to Be Expensive Gifts

In theory we all know this, but I think it’s really hard to believe it. Gift giving can come with so much pressure. Ideas like: “If you receive a gift, you must give a gift in return” or “Gifts must be of like-kind value” can make giving so stressful. I have found that some of our most treasured gifts both given and received have been the least expensive gifts.

Think of creative ways to give meaningful gifts that don’t break the bank. Don’t underestimate the meaning of homemade gifts especially for parents and grandparents (they eat that stuff up)!

One year we made a homemade quilt for Kyle’s mom. It is probably my favorite gift we’ve ever given and I know she treasures it. It cost us about $30 to make and a LOT of sewing needle finger pricks ;).

One year we gifted Kyle’s mom a handprint ornament making kit I found on Amazon for under $10. It was Madelyn’s first Christmas and was so fun to make the ornaments together. The gift of time and experiences is so special.

While staying “on budget” and out of debt this holiday season is important financially, I believe the true value in this process allows me to enjoy gift gifting without feeling overwhelmed and stressed. So often the holidays become hurried and rushed so I am always grateful for practices that allow me to slow it all down and soak up the most wonderful time of the year!

I hope this process helps you as you prepare for the holidays and gift giving this year!

Shanna Skidmore

Shanna Skidmore is a business strategist, financial coach, and international speaker with clients and students in more than 26 countries. Nicknamed the “dream–releaser” by her clients, she’s helped business owners around the world build lives and businesses they love! Her greatest joy in life (besides being a wife and mama), is helping others chase after their dreams.

After working alongside thousands of creative entrepreneurs, Shanna took the most confusing, frustrating, frequently asked (and frequently wine-and-tears accompanied) business concepts—financial planning, strategy, scale, mindset—and simplified them. With a background in finance, psychology, and art she has successfully married the world of business and creativity, and now uses her 15+ years of experience to teach and consult with business owners around the world using her proven strategic growth models.