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Money Monday
By Imagine Scholarships
Sherri Ross
December 02, 2024
š Welcome to this week's Money Monday!
Happy Cyber Monday!
Black Friday might be the biggest shopping day of the year, but did you know that Cyber Monday is perfect for those who prefer shopping online without dealing with store crowds, tech-savvy individuals seeking discounts on gadgets, computers, and electronics, and anyone who appreciates online exclusivity and unbeatable tech deals. No matter when you shop, keep these tips from Imagine in mindā¦
Tips for Saving, Not Spending During the Holidays
Focus on Experiences: Instead of buying expensive gifts, plan meaningful activities with friends and family, like a game night or a potluck.
DIY Gifts: Handmade gifts often carry more sentimental value. Create photo albums, write letters, or bake treats to show you care.
Limit Holiday Deals: Black Friday and Cyber Monday can be tempting, but make a list of only what you truly needāand stick to it.
Budget for Generosity: Decide on a holiday giving budget. Even small donations to a charity or acts of kindness can bring immense joy.
Action Item: Set a goal to save a specific amount this season by cutting back on unnecessary spending, and track your progress weekly.
šø Holiday Spending: A Time for Reflection
The holidays should be a time to create meaningful memories, not accumulate debt. While itās easy to get swept up in sales and decorations, itās important to ask ourselves:
Is this purchase truly necessary?
Will it bring lasting joy or just temporary satisfaction?
How will this affect my finances in the months to come?
āļø Action Steps to Spend Smarter
For College and High School Students
Start Budgeting Now: Plan a small holiday budget and stick to it.
Create DIY Gifts or Decorations: Handmade items not only save money but also mean more to the recipient.
For Parents
Focus on Experiences: Instead of buying new decorations or expensive gifts, plan family traditions like baking cookies or watching holiday movies.
Set a Holiday Spending Limit: Decide as a family how much youāll spend and stick to it.
For Educators
Teach Financial Literacy: Use real-life examples like holiday spending to show students how interest rates work and why avoiding debt is important.
Encourage Gratitude: Have students write about non-material things theyāre grateful for this season.
š How to Avoid the Holiday Debt Trap
Avoid Store Credit Cards: They often come with high-interest rates and tempt you to overspend.
Shop Smart: Look for sales on items you truly need, not just impulse buys.
Plan Ahead: Save a little each month throughout the year for holiday expenses, so you donāt have to rely on credit.
Focus on Meaning Over Material: Remember, the holidays are about connection and gratitude, not the most elaborate decorations or gifts.
š¬ Quote of the Week
"Too many people spend money they havenāt earned to buy things they donāt want to impress people they donāt like." ā Will Rogers
š Scholarship of the Week
āļø Resource of the Week
Imagine Scholarshipsā Holiday Savings Tracker
Looking for more scholarships? If you or your students arenāt already using Imagine Scholarships, signing up is your next step. Reply to this message or email [email protected] if you have questions about signing up your group. As the leading platform for scholarships, college, career, and life readiness, we connect you to scholarships you can actually get with expert guidance to make your educational journey simple and easy.
Have a wonderful week, Imagine family. This week, when youāre making a list of areas where you can save on your holiday spending, set aside a little time to brainstorm keywords you can use to search for scholarships. Think of words that describe you and your interests, your major and career goals. Using keywords like this to search will make it easier to apply for scholarships ā the money is out there just waiting for you! Did you know our most successful students apply to 3-5 scholarships each week?
We want to know you!
Cheering you on,
Sherri and Team Imagine
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