Top Budgeting Tips for the Holidays
The holidays are just close by, which means it’s time to make sure you’ve got a spending plan in place for the season ahead along with the extra costs it brings. From spending on presents and decorations to hosting parties, and traveling to visit family members, expenses quickly add up to become a huge chunk.
Hence, why it is more important to head into the holidays not just having a wishlist but knowledge of these top budgeting tips.
1. Set an estimated amount to spend
Budgeting shouldn’t be a big deal to you if you intend to avoid financial stress after the holidays. Therefore, figure out how much you would like to spend and give yourself a hard limit to ensure that you stay within budget.
2. Have a list of your gift recipients
Get a Notepad and write a list of everyone you intend to give gifts to during the holidays. Then put an estimated amount you intend to spend on each of them. Afterward, put a figure next to each name. This helps you to keep track of your holiday budget as well as avoid impulse spending.
3. Have an all-encompassing budget
Your budget should not just entail gifts but also other expenses. This could be travel expenses, meals, and lots more. Failure to budget for all these could amount to financial stress at the end of the day.
4. Save up year-round
The costs of holiday spending can be overwhelming especially when it’s not properly planned. Save yourself this financial burden by setting aside some part of your monthly income to spend throughout the holidays. Financial Apps like Piggyvest and Cowrywise can be of great help.
5. Put your budget in writing
Ensure your write out everything you intend to spend money on including the most minute things. (yes, you read correctly) Then keep track of your spending as you proceed in the holidays.
Remember that making a budget is one thing, but sticking to it is where the real victory lies. Try as much as possible to avoid impulse buying. Else, you might end up having a great time with Uncle Sapa right after the holidays. We sure wouldn’t want that for you. (winks)
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