Tips For How to Stay on Budget for the Holidays
It’s no surprise that everyone’s budgets increase during the winter months because of holiday spending. According to the National Retail Federation, Americans spend around an additional $1,000 during the holiday season. This includes gifts, food, and decorations. On top of gifts, we tend to spend more on travel during the holiday season as well. The thing to be careful of is not running up credit card debt in order to cover the holiday spending.
One way to prevent going into credit card debt is setting a budget. Start thinking about this a few months in advance and determine a number that you think is best for gifts and travel. By doing this, you allow yourself time to save and set aside money for this purpose.
After you create a budget and determine your spending limit, it can be helpful to identify your priorities. This can help you decide between wants and needs and what could potentially be cut from the list. During the holiday season there are always deals and extra coupons that stores offer. You could potentially still be able to get everything on your list within your budget if you take advantage of the price cuts and coupons.
Another thing to consider if you feel you cannot meet your budget goal for holiday spending is to give the gift of your time. Many people will value time spent with them or an act of service done for them just as much as a tangible gift.
The holiday season is a time where you are excited about getting to see family and the joy that comes with giving someone a gift they have been wanting. However, you do not want the holiday spending to affect your budget once the new year hits.