It’s the most wonderful time of the year, however, you still need to stay on budget. The holidays are fun, but at the same time, all of the extra spendings can throw your budget completely off track. But you don’t have to feel that you are missing out on all the fun while staying on budget! With a little planning, you can make it through the festive season without overspending and start 2019 financially on the right foot.
01. Make a list and a budget
No one likes forgetting to add a loved one to their holiday gift list. Creating a list early on the holiday season will not only help you avoid any awkwardness and embarrassment, but it will help you keep you from overspending. Include on your list everything you plan to purchase like gifts, holiday decorations, grocery shopping, and outfits and the amount you want to spend. Save this list and budget on your phone, laptop and print a copy so it will act as a guide for your holiday shopping. Keep in mind that spending a lot of money on a gift doesn’t necessarily make it a good gift.
02. Adjust your daily spending habits
While the holiday season can feel like the perfect time to spend more, making small adjustments to your daily spending habits and saving the extra cash can help you cover some of your extra holiday spendings. You can start by skipping dining out, bringing your lunch to work, or making coffee at home. Saving money on such small things will help you avoid overspending during the holidays.
03. Earn more
Saving and budgeting can only get you so far. If you need a little extra money to check all the things off your holiday bucket list, you should look for ways to earn extra money. There are openings for part-time seasonal help in retail stores, but if you are looking for something a bit more flexible after your regular 9-to-5 job, consider babysitting if you are good with kids or working on some short-term projects using Upwork. Another way to earn extra money, to spring-clean your wardrobe and sell designer pieces you no longer wear on Vestiaire or Depop.
04. Save the money for your holiday spending in a separate bank account
Even when you are tracking your spending, little things can add up and derail your holiday budget. Save the money for your holiday spending in a separate bank account so it’s easy to track how much money you have spent and how much money you still have. Every time you save or earn a little extra money, deposit them in this bank account. Bonus tip: Save money for your holiday spending all year round for a stress-free holiday season. Saving small amounts (even $25) each month can really add up over the year.
05. Focus on thoughtful giving
Spending a lot of money on a gift doesn’t necessarily make it a good gift. It’s easy to get carried away with sales or the that you need to spend a certain amount of money on a gift, however, you should always keep in mind that it’s the thought that counts. Take some time to really think about what the people on your gift list would enjoy.
06. Get creative with holiday season celebrations
If you love throwing a festive dinner or party during the holidays, but hate how much it can cost to host your loved ones, get creative. Host your girlfriends over for a Christmas cookie decorating party or host a dinner party where each guest brings their favorite holiday dish. It’s easier, cheaper, and probably more fun!
