Holiday budgeting so you can gift what matters most this holiday season: Time
They say money can’t buy happiness, but it can afford us peace of mind, additional family time, and increased comfort.
“And these things make you happy,” says Daniel Zagata, managing partner and senior vice president at Evershore Financial Group.
When we are thoughtful stewards of our financial resources, the yield is that good, quality time we all crave and deserve. As Care Partners, this additional time feels like a gift. And it is.
Time is the greatest offering we can give our people, and ourselves, especially during the busier holiday months, when it feels particularly scant and when many overspend chasing the “perfect” presents, the “perfect” presentations of a good and happy holiday.
“You want to create memories, not tchotchkes,” says Zagata who increasingly sees Care Partners in his practice.
One gift Zagata recommends is hiring a journalism student or English major from a local school, and having them interview your person. You can transform the resulting conversation into a book the entire family can peruse and enjoy.
And, in our holiday cooking article, we recommended that you reframe meal preparation, transforming that seemingly mundane task into intentional engagement time.
You might also consider strategically incorporating respite care this season, leveraging those additional hours to tend your other holiday responsibilities or nurture your other meaningful relationships.
“We have the evidence now that there are many benefits to respite. One is emotional wellbeing of the family caregiver reducing stress. That can impact health,” says Jill Kagan, director at the ARCH National Respite Network and Resource Center. “[Respite affords] time to increase opportunities for socialization.”
Respite care can be expensive, however, so Care Partners will need to budget and get creative when planning to include it. That might mean asking friends and family for help, or exploring public funding or grants such as Hilarity for Charity’s Caregiver Respite Program.
Whatever you do, both Zagata and Kagan stress that it’s critical to book respite care early, and Zagata adds that, when you’re budgeting, you should also consider how you’ll spend that time away.
“Respite care is one expense, but then what are you doing for yourself during that time?” he asks. “If you go out with friends, or have spa time, there’s money involved.”
Get clear on your budget so that you feel confident spending your most valuable asset — your time — this season.
“Fundamentally, you can’t really make decisions about what you can or cannot spend, unless you have a written budget,” Zagata says. “You have to do it because it gives you a baseline of reality, because then you can make informed decisions about ‘Do I spend this? Don’t I spend this?’”
Zagata suggests that Care Partners ask their support networks for help, too.
“Don’t take the whole burden of it, or it’s going to be really overwhelming,” he says.
And, it’s never too late (and, Zagata says, never too early) to see a financial planner.
When we are feeling emotional, it’s easier to be fiscally irresponsible. An objective third party can support us in making clear-eyed choices that benefit us and the people we love.
“Nobody cares what you’ve done in the past,” Zagata says.
What is most important is how you answer the question, “Am I going to make every correct decision going forward?”