The holidays are among us, and that means holiday shopping. Whether it’s extra grocery shopping for big holiday meals or gifts for everyone on your list, it’s likely that you’ll be spending a little extra money this season compared to other seasons.
Before you start taking advantage of the Black Friday, Small Business Saturday, and Cyber Monday deals, review these 2021 holiday budgeting tips.
Review your receipts and bills from last year.
This can be a good starting point of how much the holidays have cost you in the past along with how you paid for each purchase (debit, cash, credit, etc.). If you didn’t keep paper or electronic receipts of where you made purchases last year to look back on, consider making a note this holiday season for you to review next year before holiday shopping.
Make a list, and stick to it
After you know a ballpark amount of money you spent last year and how you paid for purchases, create a list of people or events you plan to make purchases for this year. By writing down a list of all the people and events for which you plan to shop, you will have a firm plan before you hit the stores or turn on the computer. If you want to take this holiday budgeting tip one step further, next to each name or event write down what you want to buy and how much you want to spend. This will make a clear outline of the financial numbers involved. Once you have this, simply stick to it!
Curb impulse shopping and spending
Possibly one of the toughest holiday budgeting tips to stick to but one of the most effective is to buy only what is on your list. If you’ve forgotten someone or something, add them to your holiday budget and, if necessary, adjust the amounts you spend on others so you keep the same total.
Make a plan for other expenses
Give some thought to how much you’ll be spending during the holiday season on things other than gifts. This can be everything from postage for holiday cards and travel expenses to your regular expenses like your monthly mortgage payment and auto loan payments that will still be due during the holidays. Know how much these other expenses will be so that you can include them in your holiday budgeting plan and not miss a payment.
Know your credit limit
If you plan to pay for purchases during the holiday season with a credit card, take only the credit card shopping that you will need that day and know how much you want to charge to the card. Also good to know for your holiday budgeting is the credit limit and current balance on that credit card. Check your credit card statements carefully for any unauthorized charges which can happen during this busy season.
By implementing these holiday budgeting tips into your everyday practices this season, you set yourself up for responsible spending and staying within your holiday budget.
Do you need help with your finances? Let us know!
Let Camino help you. We want our members to find the best option that works for their needs. Please go online at caminofcu.org, give us a call at 800-835-3400 to speak with one of our Member Advisors, or contact us for more information