5 Tips for Creating an Excellent Holiday Budget
BY Jeffrey September 19, 2022
Fall is almost here! Cooler temperatures, colorful leaves, autumn smells, and a whole lot of holidays. What are we getting our friends? Our families? Are we putting on our annual day-long party and food fest? But also…how much are we planning on spending this year? All great questions! Luckily, we have a few answers that can help you in the holiday budget department. Read on for a handful of tips to help you and your finances navigate the upcoming holiday season.
Set a Limit
One of the best ways to keep holiday expenses in check is by setting a spending limit. Knowing how much money you have to shop with can help those gift trips from getting a little out of control. Before the holiday season starts, think about a budget you’re comfortable with and then list out all the things you need to buy. See how they match up! You may need to adjust here and there, but if you keep your budget and spending limit around the same amount, you’ll be better equipped to cover all your expenses.
Plan Your Expenses
As much as we’d love them to, our other expenses don’t take time off during the holidays. In addition to all the fun gifts, parties, and meals we have planned, the rest of our bills still need to be paid. While we can’t plan for every expense, we should have a good idea how much we spend on food, our homes, activities, etc. Plan out each month leading up to the holidays, listing out everything you can think of that you spend money on. Add in your gifts and other holiday purchases and where you have some wiggle room and where you need to make some tweaks.
Start Saving Now
The holidays are right around the corner. If you haven’t started saving yet, now’s the perfect time! A few dollars here, cutting back a little there, it all adds up. The sooner you start saving the better your holiday budget will be.
Buy Presents Early
Presents have a sneaky habit of increasing in price as we get closer to the holidays. We always hear the best time to buy gifts is right after the holiday season is over. The second best time to buy gifts is any time before the season starts. Start looking for good deals whenever you’re out shopping. If you know what you’re buying, consider checking multiple times throughout the year and snagging that perfect gift during an off-season sale.
Adjust Your Budget
Finally (and most importantly), pay attention to your budget! As the days get closer to all your fun holiday festivities, keep tabs on all your spending habits and adjust as necessary. Budgets are fluid and designed to help you find the perfect way to save and spend your money. If you notice you’re spending a bit too much in one area, you may want to lighten up the load by tweaking other areas. Don’t worry if you don’t find your perfect budget right away. It takes time, practice, and trial and error to nail down a good system for saving money. The important thing is that you find a budget that works best for you and your holiday plans.
Fall is almost here! Cooler temperatures, colorful leaves, autumn smells, and a whole lot of holidays. What are we getting our friends? Our families? Are we putting on our annual day-long party and food fest? But also…how much are we planning on spending this year? All great questions! Luckily, we have a few answers that can help you in the holiday budget department. Read on for a handful of tips to help you and your finances navigate the upcoming holiday season.
Set a Limit
One of the best ways to keep holiday expenses in check is by setting a spending limit. Knowing how much money you have to shop with can help those gift trips from getting a little out of control. Before the holiday season starts, think about a budget you’re comfortable with and then list out all the things you need to buy. See how they match up! You may need to adjust here and there, but if you keep your budget and spending limit around the same amount, you’ll be better equipped to cover all your expenses.
Plan Your Expenses
As much as we’d love them to, our other expenses don’t take time off during the holidays. In addition to all the fun gifts, parties, and meals we have planned, the rest of our bills still need to be paid. While we can’t plan for every expense, we should have a good idea how much we spend on food, our homes, activities, etc. Plan out each month leading up to the holidays, listing out everything you can think of that you spend money on. Add in your gifts and other holiday purchases and where you have some wiggle room and where you need to make some tweaks.
Start Saving Now
The holidays are right around the corner. If you haven’t started saving yet, now’s the perfect time! A few dollars here, cutting back a little there, it all adds up. The sooner you start saving the better your holiday budget will be.
Buy Presents Early
Presents have a sneaky habit of increasing in price as we get closer to the holidays. We always hear the best time to buy gifts is right after the holiday season is over. The second best time to buy gifts is any time before the season starts. Start looking for good deals whenever you’re out shopping. If you know what you’re buying, consider checking multiple times throughout the year and snagging that perfect gift during an off-season sale.
Adjust Your Budget
Finally (and most importantly), pay attention to your budget! As the days get closer to all your fun holiday festivities, keep tabs on all your spending habits and adjust as necessary. Budgets are fluid and designed to help you find the perfect way to save and spend your money. If you notice you’re spending a bit too much in one area, you may want to lighten up the load by tweaking other areas. Don’t worry if you don’t find your perfect budget right away. It takes time, practice, and trial and error to nail down a good system for saving money. The important thing is that you find a budget that works best for you and your holiday plans.
Jeffrey