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While October is here, it doesn’t seem like the holidays are approaching; they are just around the corner. This year can be especially financially challenging as the pressures to provide a “magical holiday” may seem difficult while keeping finances intact. For military families, holiday spending can be particularly challenging, especially when paired with frequent relocations or deployments. However, with planning, budgeting, and taking advantage of various support programs and resources, it’s possible to enjoy a stress-free holiday season without breaking the bank. Here’s how to prepare for the holidays with financial fitness in mind.
Layaway: Spreading the Cost Over Time
One of the most effective ways to prevent a holiday budget bust is by utilizing layaway programs. Layaway allows families to reserve items and pay for them over time, rather than making one large purchase all at once. This approach spreads the cost of holiday gifts over several weeks or months, making it easier to manage within your budget.
Many retailers, including military exchanges, offer layaway programs during the holiday season. The Army & Air Force Exchange Service (AAFES), for example, typically has a holiday layaway program that waives the fee for toys and other holiday-related items, making it easier to purchase gifts for children without straining your wallet all at once. By using layaway, families can gradually pay off larger items like bikes, electronics, or holiday decorations without putting everything on a credit card, which can lead to high-interest debt after the holidays.
Plan Ahead to Avoid a Holiday Budget Bust
Planning ahead is essential to keeping your holiday spending under control. Start by creating a holiday budget that outlines what you can afford to spend on gifts, meals, travel, and entertainment. Break down your budget by category, and be realistic about how much you can spend without going into debt.
- Start Early: Begin shopping early to take advantage of sales and avoid the last-minute rush. Purchasing gifts throughout the year can help spread costs and prevent a large lump sum of holiday expenses all at once.
- Use a Gift List: Instead of feeling pressured to buy a lot of gifts, create a list of the people you want to buy for and assign a budget for each. This way, you’re less likely to overspend or get carried away with impulse purchases.
- Look for Deals: Keep an eye on holiday sales, clearance sections, and coupons. Shopping during Black Friday or Cyber Monday can help you score great deals on gifts and holiday essentials, allowing you to stick to your budget.
By setting a budget and sticking to it, you’ll avoid the dreaded January debt hangover.
Experiences Over Material Gifts
One way to ease the financial burden of the holidays is by focusing on creating memorable experiences with family rather than focusing solely on material gifts. There are numerous military programs that offer free or discounted experiences for service members and their families, which can make for wonderful holiday memories without the high cost.
Waves of Honor is one such program, offering military families free admission to SeaWorld, Busch Gardens, and other theme parks. Instead of purchasing multiple holiday gifts, consider spending a day at one of these parks, creating lasting memories without the high price tag. Experiences like these allow families to bond and celebrate the season together while reducing the need to buy expensive gifts.
Many museums, parks, and zoos also offer discounted or free admission to military families, which can be a great way to enjoy the holidays without overspending.
Holiday Support Programs for Military Families
Some military families may be able to utilize holiday support programs designed to provide assistance and cheer during the holiday season. These programs can help with everything from holiday meals to gifts for children, ensuring that financial struggles don’t take away from the joy of the season.
- Operation Homefront: During the holiday season, Operation Homefront’s “Holiday Meals for Military” program delivers holiday meal kits to service members and their families. These kits contain all the ingredients needed to prepare a festive meal, helping families stretch their budgets further during the holiday season.
- Blue Star Families: Blue Star Families, a nonprofit organization dedicated to supporting military families, offers various holiday programs. One such program is their annual holiday toy distribution event, where military children can receive toys for the holidays. Blue Star Families also partners with other organizations to offer special events, giveaways, and activities that bring holiday cheer to military families. Follow Blue Star Neighborhood for your local area to learn more.
- USO Holiday Programs: The USO, known for supporting military members and their families, has a variety of holiday initiatives. Many USO locations host holiday parties, gift giveaways, and even meals for military families. These events provide a sense of community and connection during the holidays, especially for families who may be away from extended family or dealing with deployments. Follow your local USO for such opportunities.
Many of these programs have eligibility criteria, so make sure to read all such required criteria before signing up.
Stay Financially Fit for the Holidays
Financial fitness during the holidays is achievable with a combination of smart planning, budgeting, and utilizing available resources. Layaway programs, early planning, and focusing on experiences over material goods can all help spread out the costs and reduce financial strain. In addition, military support programs like Operation Homefront, Blue Star Families, and the USO provide much-needed assistance, making the holidays brighter without adding to your budget.
By preparing in advance and using these resources wisely, military families can create a memorable and joyful holiday season without financial stress.
