5 Holiday Buys That Retirees Shouldn’t Waste Money On
Written by
Cynthia Measom
Edited by
Zuri Anderson
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Being retired is often about taking things at a slower pace and enjoying your newfound freedom. And while the holidays are a wonderful time to enjoy with family and friends, it can be easy to get sucked into overspending on things that you’ll regret.
Instead of getting caught up in the “push-to-buy” during the holiday season, slow down and consider what’s worth spending on and what isn’t.
Here are some holiday buys that retirees should avoid.
Full-Price Christmas Decorations
Waiting until the holiday season begins and paying full price for Christmas decorations is an easy way to drain a fixed budget. Additionally, retailers may mark up the prices of Christmas decor even further during the holidays when demand is highest.
If you already have decorations from previous years, use them. You might also check thrift stores or online listings for secondhand items. There’s no reason to pay full price when you can get similar items for a fraction of the cost.
If you must buy new decorations, wait until the day after Christmas to take advantage of deep discounts, sometimes up to 75% off. Christmas in July, which falls on July 25, may also be a good time to pick up Christmas decorations a lot cheaper than the prices you’ll pay in December, according to Christmas in America.
Plans That Lead to Extra Spending
The holiday season is full of festive opportunities — parties, parades, holiday light displays, Christmas-themed plays — and if you’re not careful, they can lead to additional expenses, according to The Cooperative Bank (TCB).
For example, if you travel into the city to see a Christmas event, you may end up eating out or be tempted to spend on other holiday activities while you’re there — especially if you have your grandkids or friends with you.
To avoid these unexpected costs, plan ahead. If you’re going out, consider bringing snacks or eating at home before leaving. Resolve to stick to your planned activities and avoid spontaneous decisions that lead to extra spending.
Gifts That Are Outside of Your Budget
Overspending on gifts is a sure way to end up full of regret once the holidays end, and this is especially true if you have grandchildren.
No matter what others are planning to spend on gifts, such as your adult children or the other set of grandparents, you should focus on your own finances, and what you can afford when it comes to making a gift budget.
Consider alternatives, such as homemade presents or affordable meaningful experiences. If you want to participate in traditional gift-giving, you could suggest a gift exchange to limit the number of gifts you’ll need to buy.
Expensive Holiday Meals
Having friends and family come to your home for Christmas might be a long-standing tradition, but that doesn’t mean that, as a retired grandparent, you should have to shoulder the cost of an expensive holiday meal.
Instead of going all out, consider simplifying your meal by providing the turkey or ham and asking guests to volunteer to bring a dish, TCB suggested. A potluck-style gathering can help reduce your expenses while still providing plenty to eat for everyone
New Holiday Outfits
If you think you need to invest in a new outfit for the holidays, think again. The bottom line is that it’s likely an unnecessary expense — even if you have to wear the same thing you wore last year.
If you feel like you want to spruce things up, pick up a cheap accessory, like a brooch, a scarf or a new tie. It’s a way to help you feel festive without splurging on a new outfit.
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