Budget Preparations for Q4 Holidays!
You may be thinking to yourself, is it too early to begin planning my budget for Q4 holidays? Well, I’m here to let you know that it’s not! Many people forget to plan at all and holiday expenses add up very quickly.
During Q4, there are many different holidays people tend to celebrate such as Halloween in October, Thanksgiving in November and Christmas and New Year’s Eve in December!
Here are some budget preparations you can consider, to plan better for your Q4 holiday expenses:
1. Create Sinking Funds
a. Sinking funds will absolutely save you for this upcoming quarter for holiday expenses! You can decide on creating a general holiday sinking fund and begin splitting up your savings over the entire quarter, while still considering you may be actively using your sinking fund as holiday expenses come up
b. Consider using any additional funds you may receive during this time to accelerate your sinking fund savings! To learn more about sinking funds, click here
2. Begin Preparations Early
a. Begin creating a list and pricing out items for holiday décor items and things such as costumes and any other miscellaneous items that you may be considering purchasing. This helps you to have an idea of your overall budget!
b. Think about hosting costs early. Are you hosting Thanksgiving dinner this year? Christmas lunch? Hosting can be an unexpected expense that comes up and to avoid this budget buster, you should begin discussions early about holiday hosting plans with your family and friends. This will give you time to devise a plan for pulling this off without being financially burdened
c. Gifts are a BIG deal for some individuals, but if it’s not for you, be sure to set this boundary early and stick to it. If you are someone who enjoys giving gifts and it won’t bust your budget, planning early by writing all your gift ideas down for individuals will help you tremendously. Not only with your budget, but with simply being organized and not overwhelmed by the entire gift buying process
3. Avoid Debt
a. With so many holiday advertisements that will be coming your way, it can be easy to want to use debt such as a credit card or personal loan to cover any and everything during this season. However, keep in mind that borrowing only puts you further away from meeting your financial goals, and costs you more money in the long run with interest charges and financial stress
b. If you believe you may be tempted to use debt to fund your holiday plans, consider putting a temporary lock on your card to avoid using it during the holidays
It can be extremely tempting to go over budget during the holidays or don’t budget at all. But be sure to set realistic spending expectations for yourself. Budgets can work wonders if you prepare ahead of time!
Here's some additional blog posts:
How To Plan Your Budget For The Holidays
https://www.itsfinanciallywinning.com/blog/holidaybudgetplanning
