Thanksgiving (like everything else this year) isn't as anyone hoped or planned for. Instead of skipping to the tarmac, I'll be setting a festive table for two and firing up Zoom (FYI - they've removed their 40-minute time limit on Thanksgiving).
The tiniest of silver linings? I now have more free time than expected and saved a few pennies I already earmarked for the upcoming trip. Traveling round-trip from Chicago to Atlanta to visit my parents would have cost approximately $147 (factoring in rock-bottom flight prices and a tasty margarita at ORD). Door to door, I'm also getting back 11 hours and 50 minutes I planned to spend en route. If you also find yourself with extra time and funds on your hands this holiday season, here's a few ways to spend it wisely:
Tweak your Gmail settings to save you time down the road. Even if you're a Google power user, there's always something new to learn while managing an unwieldy inbox. For me, that includes setting up filters to wrangle frequent newsletters, auto-forwarding regular receipts to my receipt capturing system, and creating action labels to tackle priority items. Fast Company also recently highlighted 12 useful Gmail settings. With a few clicks, you'll be closer to Inbox Zero.
Curl up with a mug of hot cocoa and a good book. If you've ever tuned into Guy Raz's How I Built This podcast, you'll enjoy his new book with the same title. This book is currently on my nightstand (the short stories of entrepreneurial struggles and wins make it an easy read before bed), and it was included in Inc.'s round up of the 5 new business books that will elevate your communications skills in 2021.
Gather W-9s to make year-end tax prep smoother. If you're expecting to pay any independent contractor more than $600 this year, you'll need to issue them a 1099 in January. It's helpful to collect a W-9 with their first invoice, but in case that's not your current practice, start calculating who you'll need to collect these forms from to avoid a last-minute scramble.
Cross a lingering item off your to-do list. For me, it's finally hitting send on this inaugural newsletter. Head into the holidays on a high note by tackling one non-urgent, yet important task you've been hitting the snooze button on.
Max out your FSA. If you have a Flexible Savings Account (FSA), double-check your balance and use any remaining funds before year end. For those of you still making healthcare selections for next year, a FSA is a way to spend pre-tax dollars on qualified medical expenses like acupuncture and doctor co-pays. It's a great way to benefit from tax savings, but it's best to conservatively estimate what you'll spend for the year – either you use it or lose it!
Put your cost savings to good use. You can put this money towards paying down a loan, surprise employees with a well-deserved treat, or squirrel it away for a rainy day. If you're in a position to share your wealth, invest those travel savings into the community. With Small Business Saturday and Giving Tuesday just around the corner, there's an endless number of deserving charities and businesses who would greatly benefit from your generosity. My $147 savings will support LUV Institute, a nonprofit building career and entrepreneurship skills in young people who’ve experienced life in foster care or the juvenile justice system.
Break out the pumpkin pie early. Because, #airportrules.
How are you spending your Thanksgiving?