How to Budget During the Holidays

How to Budget During the Holidays

Dec 06, 2016

The holidays are a joyous time of year, but if you’re not careful they can set you up for months of stress and debt to pay off. Follow our tips below to help keep your finances in order during the holiday season!

How to Financially Plan for the Holidays

Set a Limit and Stick to It

The first step to controlling your holiday expenses is to figure out how much you can afford to spend. Create budgets for different aspects of your holiday spending: gifts, entertaining, traveling, and decorations. When figuring out how much money you have to spend, don’t forget to factor in your regular monthly payments like your mortgage, car payment, and bills.

Pay in Cash

It’s easier to keep track of your spending when you have your money in front of you! Take your money out of the bank and split it into different envelopes. When the money is gone, your holiday spending is over! This can help save you from credit card debts you cannot pay off.

Travel Wisely

Flying during the holiday season can cost a lot of money, especially if you have a large family. If it’s possible, try to host the celebrations at your home this year. If that is not an option, be sure to purchase your tickets as early as possible or be flexible with your dates to get the cheapest tickets possible.

Look for Bargains

There are an endless number of promotions happening around the holidays; do you research and find stores that offer the best discounts to fulfill your list. There are many websites that offer new, high-quality items at discount prices, as well as multiple large chain discount stores that will help you get the best deals on brand-name items.

New Home for the Holidays

Are you moving this holiday season? Here at Home Point Financial, we can help you decide which loan program best fits your financial needs! For more information, please contact us today.