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.
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.