Five ways to stay on budget this holiday season
Hokie Wellness’ Financial Wellness program provides tip to manage spending over the holidays.
As winter break approaches, students often experience increased spending for travel, activities, or gift-giving. Financial Wellness reminds students of resources and methods they can use to manage their money during the upcoming holiday season.
According to data from the National Retail Foundation, the average person in the United States is anticipated to spend $902 this holiday season on gifts, food, decorations, and other seasonal items. For college students, this increased spending can bring about additional financial strain and challenges.
Megan Darmanin, assistant director of financial literacy at Hokie Wellness, shared these tips for students to minimize their financial stress this holiday season.
Create a holiday budget: Set limits on gift costs for each family member or friend based on what you can afford to spend.
Craft homemade gifts: Handmade gifts allow you to participate in gift-giving in an affordable way. Many craft stores sell holiday gift sets that allow you to make multiple gifts from the same materials.
Make travel plans early: Look into flights, bus routes, or train rides as early as possible. If you have friends traveling to the same area, offer to share a ride and split gas costs.
Use student discounts: Many online and in-store purchases offer student discounts; take advantage of these discounts to save money when buying gifts.
Avoid holiday FOMO (fear of missing out): Find ways to enjoy the holiday season that put connection ahead of consumption. Instead of going on expensive shopping trips or excursions, offer to host your friends for a holiday movie night or drive around the neighborhood to look at decorative lights and displays.
Financial Wellness offers year-round support for students seeking guidance on a variety of financial topics. Wellness workshops are hosted throughout the semester and can be found on GobblerConnect, with topics covering budgeting, credit, debt management, sports betting, and finances after graduation. Financial Wellness also offers 1:1 financial coaching appointments.
All university students have access to Money Smarts, an asynchronous Canvas course that offers guidance regarding budgeting, spending, and other common financial challenges to promote financial wellness among students.
To learn more about Hokie Wellness’ Financial Wellness program or to view additional financial planning resources, visit the Financial Wellness page.
Written by Kyndall Hanson, a senior majoring in multimedia journalism and philosophy, politics, and economics
