With the peak of holiday shopping around the corner it’s important to establish responsible financial planning to start 2021 on the right track. We spoke with financial literacy expert Natalie Torres-Haddad to get some tips for budget-friendly gift giving. Better known as Financially Savvy Latina, Torres-Haddad is on a mission to bridge the gap between financial education and the Latino community.

Her expertise has earned her the title of trailblazer by Forbes, and has led her to host countless workshops, two TEDx talks, and to serve as a keynote speaker for numerous conferences. Check below for her first person budgeting recommendations.

Natalie Torres-Haddad

The holiday season is right around the corner. As a Latina with a large family, I know how long (and expensive) Christmas lists can get. Fortunately, I have a background in finance, which comes in handy when planning for the holidays. I founded Financially Savvy Latina to empower the community to take control of their finances and future by adopting healthy spending habits.

These are some of the tips I offer to help you cross everyone off your holiday list without breaking the bank:

1.     Set a Budget: Set a realistic budget by starting with the money you have available to spend. Compare it to your lists and work backward from there to stay within budget.

2.     Make a List and Divide it Thrice: Put on your Santa hat and make a list of everyone you want to include in your list this holiday season, then divide them into three categories: make, bake and gift. A thoughtful card or delicious home-baked goods are thoughtful, budget-friendly ways to appreciate your friends and colleagues.

3.     Unlock Holiday Deals: I always make sure to use apps that provide access to deals and offer rewards on purchases with no membership required. Target Circle is one of my go-to’s. It is free, easy to use and gives me access to the season’s best deals all in one place. This year, Target will be offering its guests nearly one million more deals than last year – and Target Circle members have easy access to all the best deals. Within its first year, Target Circle members saved nearly $2 billion and earned close to $200 million by getting 1% rewards on purchases to put toward their future Target visit. If you’re interested in becoming a member, you can sign up by creating a Target.com account, downloading the Target App or by providing their phone number in a Target store.

4.     Get the Kiddos Involved: Take advantage of the kids being home and your work-from-home status to make crafts for family members. Grandparents, aunts and uncles will love hand-made, bespoke presents from the kids. You can also recruit them to help make treats for those on your bake list. It’ll get them in the holiday spirit and make the process a little faster.

5.     Pot Lucks and Secret Santa for Large Families: If you come from a large family, you know how easily you can go over budget when shopping for everyone. Instead, consider a Secret Santa gift exchange to help you to stay within budget while giving meaningful gifts and sharing the joy of the holidays or a pot luck to ensure the dinner spread is vast and everyone’s wallets remain full.

6.     Give Back to the Community: Giving back to my community during the season of giving is something I do every year. You might be surprised to learn that you don’t have to break the bank to make an impact. Target Circle members can direct Target’s giving to local and national nonprofit organizations. Within its first year, Target Circle members directed over $7 million to more than 2,500 organizations.

Holiday shopping doesn’t have to be stressful if you plan in advance, shop strategically and use apps to make sure you get the best deals on everything you need this season. Whether your list includes 10 or 30 people, you can spread the holiday joy and cheer while working toward your financial goals.