The holidays can be a stressful time of the year especially when it’s the season for spending. Maintaining a budget can alleviate stress from the holidays and can keep you from going into debt over Christmas time expenses.
To begin, make a list of anticipated expenses. It can be helpful to look at last year’s receipts and purchases to estimate how much you will spend this season. Include everything from gifts to wrapping paper to decorations, etc. Starting to save early in the year will help you avoid a financial burden in December.
Set a price limit for each gift as well to ensure you will not exceed your holiday budget.
Determine how much you want to spend on each family member and friend and stick to that amount.
Consider DIY gifts or shared gifts to save money on presents. The gift can be just as meaningful, or more, but at a more cost effective price to you.
Create a shopping list of what materials and gifts you need to purchase. Doing this early will allow you time to compare prices online and search for the best deals available. It’s best to space out your purchases as well so that you do not risk taking too large a chunk out of your paycheck.
Take your budget list with you whenever you go shopping so that you can track your spending. Consider using cash only as credit cards can tempt you to overspend.
Most importantly, the holidays should be a time for fun and family so don’t forget to enjoy yourself! Happy holidays!
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AZ Insurance Team