The holidays are coming! It’s an exciting time of the year form many people. However, it can also be an expensive time of the year. From Halloween to Thanksgiving to Hanukkah, Christmas and everything in between, whatever holiday you’re most looking forward to, your wallet may be stretched a little thin during these festive times. To help you and your bank account, we’ve come up with some guidelines to help with your holiday budget.
List your Holiday Expenses
Are you planning on taking a trip? Is your sister having a baby? All of those things account for expenses. Consider things like gas money and anything you will need to purchase to make your holiday happen. If your family is spending the holiday in northern Iowa and you haven’t owned a winter coat since your 1989 ski trip – put that new Patagonia on the budget list. If the kids need bigger car seats to make the road trip to grandma’s – list it.
The more comprehensive your budget is, the more comfortable you’ll feel during the holidays. Budget for small emergencies as well. It never hurts to bulk up your emergency savings account during the holidays, you never know when you will need it.
Cut back on your “fun” budget for a few months
If you love having a venti double espresso mocha latte every morning, that’s part of your fun budget. See if you can survive going without your treat during the holiday months and you’ll have saved more than you’d think. We’re not saying no fun at all, but instead of going shopping every Saturday followed by drinks out with your friends, save by doing a clothing swap and playing bartender for your friends. Finding creative ways to be social is fun and will save you money. This money can be put into making your holiday budget a little bigger, or saving for a more long-term goal.
Track your Spending
This can be done in any way that is convenient for you. Whether that’s digitally, shorthand or by keeping only cash and using that as a weekly budget, it’s up to you. However, you decide to keep track of your spending, do it consistently. Whether your expenses are necessary or luxury, you should have a system that allows you to look back at where your money is being spent.
Make a gift list and spending limit
All families are different, some play secret Santa and some give every family member a gift. No system is right or wrong. Whatever your tradition, make a list of the gifts you need to purchase and put a limit on what you’ll spend on that particular item.
The most important aspect of any budget guideline, is to stick to it. Making a list of the gifts you’ll buy and how much they cost mean nothing if you go off the deep end and buy every toy in the store. No matter how big or small your budget, stick to it and your holiday will surely go smooth as pumpkin pie.
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