As we creep toward Thanksgiving, one can’t help but think about holiday sales (on top of food of course!). What sale will grab your attention first? There are plenty local and online options to pick from, but before you make your decision, I want to present you with some eye opening Christmas shopping statistics and leave you with ways to combat them. First are ten statistics I’ve chosen to highlight.
- 61% of people are planning to shop before Thanksgiving this year. (Statista)
- $1,300 was the rough 2019 holiday debt with a majority of that from Gen X and Millennials. (Magnify Money)
- 70% used credit cards over other financing options for the holidays last year with 78% not planning on paying off the full balance within a month. (Magnify Money)
- 61% of people in the U.S.A. were willing to provide personal data such as email address for a deal/discount over the 2019 holiday season. (Deloitte)
- 1/3 of people overspent on their 2019 Christmas budget. Within that, gifts were by far the highest category and were almost triple the next one. (The Ascent)
- Almost 22% went into debt from Christmas 2019. (The Ascent)
- 73% of shoppers in 2019 spent 1/4 of their expenses on clothing. (Deloitte)
- 61% admit to receiving an unwanted gift last year with a low 31% of those gifts being kept. (Finder)
- 43% of unwanted gifts in 2019 were clothing and accessories. (Finder)
- What Christmas 2020 is looking like… (Deloitte)
Keep in mind, the goal is not to not shop, but to enjoy the process and make it as effortless, efficient, and memorable as possible. To help with that goal, I’ve listed 10 recommendations below that will help your mind and wallet going into this 2020 holiday season.
- HAVE A FINANCIAL PLAN. What is your budget? Are you paying up front or overtime? Do you need to get any planners or resources that you can use to proactively support your payoff plan into 2021? Will you need support with a credit card or a loan? Start looking at how to minimize any interest you main gain from this holiday season based on your current financial health.
- Gift exchanges, aka Dirty Santa/Yankee Swap/White Elephant. This way only one gift is purchased, however, you still get to experience Christmas cheer with multiple friends and/or family at one time.
- Go out of town or on a mini-vacation with your loved ones and have no physical gifts in mind. The real gift is getting to wake up somewhere cool and explore somewhere new with those you love around you.
- Take a friend out for dinner and/or drinks. I recommend splitting the bill so that both parties throw in on a joint “gift”/occasion.
- Hold a Christmas meet up after Christmas or New Years. A lot of sales and opportunities to get something good at a lower budget.
- Hold a pot luck dinner. This allows different cultures and traditions to shine. I often learn more about someone through a dish of their choice.
- Don’t be afraid to purchase second hand. There are plenty of outlets both online and local to help with this. Facebook market seems to be good for quick local finds and easy information on the sales person through their personal page. Great option for that vintage person in your life.
- You don’t have to buy everyone a gift. Go ahead and have that conversation and tell that person how much you feel about them. They have a better chance of remembering that over the picture frame you regifted.
- Try to combine holidays. If your friend has a big birthday or event coming up, let them know that you’d rather give one bomb gift later instead of two smaller ones for each event.
- IF PURCHASING FOR SELF: Purchase gift cards from places you know you need. These are often discounted at this time of the year. This is a proactive tip that will help reduce your costs when you go to the Walmarts, Home Depots, Targets, etc.. I do not recommend spending them right away, but instead tuck it away for a rainy day in 2021.
Overall, Christmas shopping is stressful. Having a plan entering the season will really help keep you on task. Don’t get trapped into an impulse purchase. The high is amazing for the moment, but hurts your future financial growth soooo much more if not strategically purchased. If you need any support to get a holiday plan together, feel free to reach out to me or any other party of choice to help you through this time.
XOXO – Mrs. Molly Murphy
Yesterday, #HERSTORY WAS MADE. A woman has finally entered into one of the top two highest political statures in the United States as Vice President!!! After Kamala Harris finished her first national address, I knew I found my political voice.
I want to start off saying I am proud of all women who voted regardless of the candidate chosen. A special thanks to the Millennials and Generation Z participants and any first timers. At thirty years old, this was my first time voting. I have always shied away from politics as a whole because I believed it may divide me from my diverse and beautiful friends. Instead, I chose to focus on love and supporting people around me regardless if their needs and beliefs were vastly different than mine. If you know me, I hate having confrontation and this thought put a wall around my engagement and involvement with politics. Emotionally, I was not ready or comfortable with participating. It was easier for me to listen instead of speaking when I hadn’t found my voice.
Since starting my business, Functun, this summer, I’ve had to determine how I want to present myself to my audience. As an analyst, this can be quite crippling when cancel culture is around the corner and you know no one is perfect! How am I going to dodge bullets while staying true to who I am and not miss out on important global conversations? Social media is one of the best platforms to engage with your audience, so limiting myself on those platforms was not an option. I know a lot of new entrepreneurs can relate to this.
I’ve had to do a lot of soul searching and now know where I stand with politics. I’ve realized I don’t have to pick a side, and it’s okay if I pick a different political party to resonate with on every ballot. Why must I permanently pick a side when all were created from the needs of someone who needs them? Aren’t we all fighting for the same thing – a future where people are heard and understand the available resources within their safe communites while also feeling financially secure? A place where our children and grandchildren come together in this melting pot now called America to create universal solutions to keep our environment productive/efficient and humanity alive? (low-key sci-fy nerd)
So to any woman who feels she needs to pick a side, that will come and may change as you grow through life. The point is that you believe in the future of democracy and greater good for all. Everyone has the right to pick what works best for them and having open minded conversations from diverse backgrounds will allow us to shape this future together and fairly. Functun is a safe place for all my women to discuss hard financial conversations and agree to support each other even if those journeys look different. I want to continually provide unbiased financial facts for all woman to make educated decisions for their future. We all deserve it.
XOXO – Mrs. Molly Murphy
Cover photo from San Francisco Chronical
Why did I create Functun? Being an engineer, I am always looking for ways to improve standard procedures and processes and knew I had room to improve my personal and small business budget and tasks. I’ve learned I can’t do it all but can’t always commit to forever with a product or service when I need support. Functun was created to be an as needed basis when starting to achieve and accomplish your goals. I excel with being financially mindful, researching, networking, problem solving, and project management. Functun is a love child of all of these services.
What is Functun? Functun is a space that encourages women to think about their goals and budget. Not only will I help you determine a realistic goal, but I want to be there (as you need me) to help you succeed, stay accountable, and bounce ideas off of. The name was conceived from the idea of a basic math function/equation and how that takes specific inputs to create an output. The inputs being your life and output being that dream goal. If f(x) = mx + b could talk, we would want that equation to be reflective of the lives we each live.
How will Functun support you? Functun will get to know you and your current lifestyle and/or small business. We will focus on what you need help with. Not what I think you need to be doing with your time or money, but how you tell us you want your life to unfold. I can discuss personal and business budgeting, accountability, specific projects, and creating a product. I am an open book and want to share my financial and entrepreneurial journey with women who are interested in sharing and leveraging their lives as well. We have strength in numbers and with communication, I’m confident I can create solutions to accommodate each of your busy and complex lives from personal debt to creating your first product.
More about me…
I’ve worked as a mechanical engineer for the last eight years. The first three were on the research and development side for desired metallic properties, while the latter five have been regional support on fastening (nuts and bolts) for top manufacturing companies. I created Functun as a way to apply my technical mindset towards helping other women and small businesses achieve their goals. I focus on analyzing budgeting and time management relative to each client’s need and/or industry but specialize in product development and financial planning.
I’ve committed myself to being open and honest with my audience. I’ve started this journey alone, however, I want to grow with you to find all the personal and small business hurdles I can’t predict myself. Please come along this journey with me, and whether big or small, I hope I inspire you to think about your goals and budget. Without a budget and a plan to achieve your goals, how do you expect to grow financially and maximize your future? No one wants to work inefficiently, forever, or be dependent on a job they don’t love. We want to have the power to make choices and be in control and desperate from paycheck to paycheck. Stay around to see what we can do together!
XOXO – Mrs. Molly Murphy