How To Plan Your Budget For The Holidays
The holidays can be a very expensive time and each year, many people celebrate the holidays with tons of gifts, joy and laughter. But no one talks about the additional burden some people face that comes along with the holidays and that is DEBT.
Here are some tips to help you with planning for the holidays:
1. Gift Ideas: Begin creating a list of gift ideas. Consider gifts for your immediate/extended family members, other loved ones, friends and even gift exchanges/secret Santa at your workplace if you choose to participate.
2. Gift Budget: There are tons of deals already listed online and in stores. While you prepare your list of gift ideas for the individuals you are purchasing gifts for, begin pricing out gifts for each individual.
3. Holiday Décor: Decide on decor early. Will you re-use prior year’s décor? Can you purchase décor at a discounted price? Will you decide on not doing extravagant décor this year to save? These are some things you can consider as you begin planning for your holiday budget
4. Matching PJs: This has been such a cute trend over the last few years. But, they can get expensive for a family to purchase brand new matching PJs. Consider reusing your prior year’s PJs or budgeting for new ones early so you are not caught off guard with the added expense.
5. Hosting: If it has not been decided yet, you may want to bring up this conversation with your family as soon as possible. Who will be hosting holiday events or dinners? If you are the one hosting, begin preparing a separate budget. Think about how food will be prepared and paid for. What about games and even additional gifts?
6. Miscellaneous Items: Think about miscellaneous costs that can cause your budget to be derailed. Such costs can be things like gift wrapping, holiday cards, cost for mailing items and more. Consider if you can reduce some of these costs by using gift wrapping from prior year, sending free electronic gift cards or even directly mailing gifts to the individual(s).
LASTLY, be honest, open and realistic about your holiday shopping. If purchasing gifts for too many people is overwhelming on your finances, be open to set the expectations that you will not participate in gift exchanges or keep gift purchasing to a minimum.
There is still time to save for Christmas. Grab a Christmas Savings Tracker on the Financially Winning Etsy Shop at www.financiallywinning.etsy.com.
NO holiday is worth any ADDITIONAL debt!
Plan accordingly and have a wonderful holiday season!
