With glowing lights and decorations, events and treats only available once a year, and a general sense of merriment, the festive season is one that many people look forward to all year long. However, for many it’s also a financially stressful time as there’s an expectation of extravagance, gift-giving, and top-notch hosting. By starting holiday planning early, you can build and stick to a budget, mitigating stress to enjoy this magical time of the year.
To help you do this, we’ll start by reviewing your cash flow as the first step in creating your budget. Then, we’ll explore ways to stick to a holiday budget so that you’re not dreading the bank or credit card statements in the new year.
1. Review Your Cash Flow
Building your festive season budget begins by comparing your spending to your income. Doing this helps determine how much you can comfortably spend on the holiday season without putting financial strain on yourself. Review your typical spending over the last few months to see how much you can set aside for things like gift-giving, hosting loved ones, and traveling. Determine a concrete amount that doesn’t compromise essential expenses. You may find that you’re spending on things you don’t need or use, which you can cut to increase your festive savings.
2. Make a Holiday To-Do List
What are all the things you’d like to get done this holiday season? Will you travel to visit loved ones, host family, throw a Christmas party, or give gifts? Write out all your wants and needs for a fulfilling holiday so you can start to categorize where your cash will go or see where things may need to be pared down or scaled back. If you plan on giving gifts, list each person you intend to give to. This will be useful while shopping and allows you to set appropriate spending caps for each person.
With your completed list, create categories to determine how to divide the savings you’ve set aside for your holiday spending. These amounts will guide your buying decisions by showing how much you can spend on each person or category.
3. Stick to Your Budget
With your holiday budget set, your next step is to start checking items off your to-do list while staying on budget. To do this, you’ll need to track your spending in each category and look for ways to save while you plan purchases. Here are a few useful savings tips that won’t compromise your enjoyment of the festive season.
Book Travel Accommodations Early
Booking travel accommodations early gives you time to shop for the best deals and find the most affordable options. Consider different modes of transportation or accommodation types, as you might find comfortable options at great prices.
Host a Secret Santa or White Elephant Gift Exchange
Instead of worrying about every person on your gift list, consider holding a Secret Santa or White Elephant gift exchange. These exchanges allow everyone to have a strict spending cap while still enjoying the fun of unwrapping a gift. Plus, they often add a layer of fun to gift-giving, with everyone guessing who bought each gift or bringing out people’s competitive sides.
Consider Gift Experiences
If a Secret Santa gift exchange isn’t an option, remember that gifts don’t always have to be physical items. Instead, plan outings or schedule classes and events as gifts. Some experiences can be done with little to no cost. For instance, if you have a little one currently obsessed with dinosaurs, a trip to a natural history museum with dinosaur fossils and exhibitions might just be the most exciting thing they’ll get this holiday season. With family discounts, this trip won’t break the bank and will leave you with lasting memories. For classes or events, you can look to sites like Groupon for discounts or search for affordable opportunities through community centers or local schools.
Look for Sales & Discounts
The start of the holiday season often brings major discounts, like Black Friday sales. You can take advantage of these to get gifts, home items for hosting, or groceries at lower prices. Take the time to compare deals to ensure you’re finding the best prices. Consider using deal-finding websites like RedFlagDeals.com to help you quickly compare prices. Signing up for free store newsletters or loyalty programs can also be a great way to get extra savings and discounts.
Redeem Points
If you use a cashback or points reward card, redeeming the points you’ve collected for your holiday purchases can be a helpful way to stay on budget.
Host Potluck Meals
Hosting can be heartwarming and fun, but it can also be quite expensive, especially when many people visit. One way to reduce the expense is to host potluck meals. A potluck also adds variety to the menu and ensures everyone has something they enjoy.
4. Earn Extra Cash
Even with savings and cost-saving tactics, you may find your budget tighter than you’d like for completing your holiday to-do list. If so, consider increasing your income by picking up extra work, getting another job, or selling items you no longer use. This can provide more financial flexibility and peace of mind. You might even find room to try your luck gambling online as casinos.com is accepting players from Louisiana and many other regions. You never know how it will play out; it could lead to a financial windfall to fund even more holiday festivities.
Wrapping Up
With these tips, you can enjoy a festive season focused on joy and merriment rather than money and stress—something everyone deserves this time of year!
