The holiday season is coming into full swing as the year winds down. With gift shopping and holiday activities, it’s easy to go overboard and forget about the financial implications of extra spending. Sit down, build a plan and track expenses this holiday season to usher in the new year without debt or a drained bank account.
Six smart tips for handling holiday finances are here:
Configure a cap
Look at existing spending patterns prior to making a holiday budget. Any additional money may be used for holiday spending or added to savings after fixed expenses are paid off.
Establish a Budget
Holiday shopping doesn’t just involve purchasing presents. Factor in the cost of furniture, food, travel and more. When making a budget, set practical guidelines and allot a little extra money for unforeseen or last-minute shopping items.
Not all is necessary on a holiday list. A gift might be a must-have for a grandchild, while new holiday lights would be good, but this year they are not required. From musts to needs, a holiday shopping list should be prioritized.
Check out Offers
There are a number of shops offering deals and exclusive offers. Enter mailing lists or preferred store sales text updates to assist with budgeting.
After ordering, quickly cross items off the shopping list. It becomes simpler to remain within a budget by tracking spending immediately, and acts as a reminder of outstanding things to be bought
It is easier to understand how much money is being invested by the use of currency. Withdraw the overall holiday budget, break the cash into category-based envelopes, and use the cash for the category of spending only.
Contact Salidaa for a FREE consultation for more financial planning ideas! Alexander and Associates provides estate planning to consumers and more than 20 years of expertise in asset creation, estate planning and management, probate business and litigation.