Making And Sticking To A Holiday Budget

Making And Sticking To A Holiday Budget

The holiday season is one of giving, which often means it is also the season of spending. Help take the stress out of the holiday season by creating and sticking to a holiday budget.

 Begin With A List Of Holiday Expenses

Begin by making a list of all of your expected holiday expenses. This includes gifts, cards, wrapping paper, traveling expenses, gift exchanges at work, and charitable donations.

 Decide On Your Spending Limit

Determine how much you have available to cover Christmas expenses this year. When you are considering this amount be sure that you only use money that you have set aside for Christmas or extra money that you can find in your budget.

 Assign Money To Each Category 

Divide your budget according to the different spending categories you’ll have this holiday season. This means assigning a specific amount for each gift, as well as each outing, party, or event. Knowing how much you have to spend on each gift will help you narrow down ideas before you shop.

 Make A Shopping List 

Create a list for your holiday shopping. You should have one or two ideas within your price range for each individual.

 Track Your Purchases

Once you begin the holiday season, keep track of all your purchases. Bring your gift list, along with your budget sheet, with you on every shopping trip. Additionally, be sure to keep track of the cost of your holiday-related outings and other spends so you will be able to more accurately budget next year.

As you begin to purchase gifts and spend money, be sure to subtract the amount from your running Christmas budget total. This will let you know how well you are sticking to your budget and will make it easier to make adjustments between categories if needed. Tracking your spending is key to sticking to your budget. 

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