6 Tips for Holiday Budgeting

6 Easy Tips When Budgeting For The Holidays

The holidays are stressful enough without losing control of your spending. Fortunately, it is possible to enjoy the holiday season without breaking the bank by following a few simple guidelines.

  • Decide on your budget early in the season. It is important to think of all of the expenses you may face over the holiday season. In addition to your gifting budget, consider holiday meals, extra money spent at the grocery store for baking supplies, and tips to you hairdresser and other service providers.
  • Use cash for your spending. The problem with using your credit card is that it is all too easy to overspend. By using cash, once your budget is gone, it is gone.
  • Keep track of your budget. Use a small notebook or your phone to keep track of what you have purchased, what you have left to purchase, and how much money you have left in you budget. Keeping a running tally is much more effective than guessing and hoping for the best.
  • Have a plan for each shopping trip. Know what you are looking for, which stores you plan to visit, and what you hope to accomplish. If you decide to just wander around the mall or your local big box store, you are likely to buy things that catch your eye or seem like a good deal, but are not necessarily a good gift.
  • Be creative in your gift giving. If you have a particular craft you enjoy, you may decide to gift people some of your homemade creations. Even if you aren’t the crafty type, you can save your budget while giving a very appreciated gift. Offers of babysitting for young parents, or errand running for older adults are two choices that are sure to be well received.
  • Look for innovative ways to come up with extra holiday cash. Pack your lunch, make your coffee at home, and consider carpooling to work with friends. If you think about it, there are probably lots of ways you can cut costs and free up some cash for the holiday season.

As you can see, there are a variety of ways to manage your spending over the holiday season. By doing so, you can relax and enjoy the time with family and friends, without stressing out about what the new year holds.