How do I Budget for the Holidays?

As the festive, holiday season approaches us, it is good to plan ahead and stay on track with your holiday spending.

Start with a budget. How much are you looking to spend in the next month? How much do you have to spend? These important questions can help you answer what kind of plan you are looking to take on. Here are some things we consider when putting together a budget and sticking to it. Also included are some things to consider for reducing costs.

  • Gifts for those special people in your life
    • From small gifts to the dog to the larger ones for significant others, write them all down and how much you are planning to spend on each. This is not just a good idea for those times you are being forgetful, but also when you are preparing your budget. If you have a big family, maybe suggest doing a gift exchange and giving gifts of a predetermined price.
  • Food and beverages for those festive parties
    • Hosting a party, or just attending, you will probably have to provide some type of fruit cake or spritzer. Make a list of what you think you will be needing/spending on these items to stay on track. If hosting a party, make it a potluck and ask people to bring a favorite holiday dish.
  • Decorations for any holiday
    • For whatever holiday you are celebrating, there will be decorations. Look and see what you might already have up in that attic or go shopping for some new, but make sure to stick to a budget and save your receipts. We recommend buying holiday decorations for next year after the season is over to avoid the full prices and get those big discounts.
  • Traveling to see family
    • Whether you are planning to drive to see family or brave the busy airports, factor in the cost to travelling with all the family. If you are a family that flies most holidays, try and drive this year and see how it goes. Traveling by car can be a lot cheaper and a lot less stressful.
  • Holiday cards for everyone you care about
    • Want everyone to see that beautiful new baby you had recently through a festive card? Make sure you factor that into your budget and order them soon! Keep an eye out for coupons or go to a local drug store and print them yourself.

De-stress your holiday season with creating and sticking to a budget. Use some of the tips we laid out for you and find ways to cut some unwanted costs. We wish you the best this holiday season and are looking forward to hearing about your holiday experiences!