Many students struggle to decide if they should spend their money on what they want right now or saving for something down the road, especially during the holiday season. Some students have part-time jobs that help them make a disposable income throughout the year. Some earn money by doing chores around the house. And some students who do not have any income, and just scrape together cash here and there. But the question remains: how do students budget during the holidays?
Junior Kendall Brookbank makes sure to limit how much she spends for everyone she buys gifts for. Even when her shopping list is not too long, overspending on friends and loved ones can be easy. “I limit myself to $25 a person and if I exceed then I make sure it’s an immediate relative,” Brookbank said. She also recommends strict budgeting in the months leading up, to make sure your pockets are not empty before the holidays arrives.
Gifting guilt can also hit this time of year. There is often a pressure, to get everyone you know a holiday present. The bill adds up quickly for families that do large gift exchanges. “I have a lot of family so it’s expensive,” junior Maddison Henry said, “I try to limit the amount to each person but I feel bad spending less money on [family].”
Spending so much money on gifts is not something everyone, especially students, can do. For underclassmen who either cannot, or struggle to find jobs, the holiday rush causes stress. “During the holidays I only spend about $40 on gifts,” freshman Faith Swayze said, “I plan out gifts for people earlier so I can keep up with my purchases.” Swayze is very organized before and during the holiday season and attributes those organizational skills to her ability to control her spending.
Many stores run holiday sales, but there is no requirement you use them to buy gifts. Some Perry students cash in on those discounts for themselves. “I’ll sometimes just look online and see things I want on sale, so I’ll buy them,” junior Marden Martinez said, “I won’t spend over $60 on anything.” Even with extensive discounts, he does not find overspending to be worth it for a good discount.
Presents do not just come from stores. Gifts are a great opportunity to learn a new skill or demonstrate your love and appreciation for those closest to you. “I try to make my gifts at home and it saves [me] a lot of money, is better for the environment and takes less time,” junior Kai Wolsifer said. Wolsifer uses this as a creative outlet and as a way to avoid unnecessarily spending.
Budgeting is difficult for students and graduates, but the holiday season can make it that much more difficult. A few small changes can make a big difference on what is left in the bank.