With the holidays approaching, it’s important to make a holiday budget and stick to it, or the post-holiday season could become a financial struggle. Making a list of everything needed, tracking holiday spending, and using cash instead of credit cards are all good ways to stay on top of holiday expenses before they get out of hand.
Read on to learn how to create and stick to a feasible budget with these tips from The Balance:
Make a list
Always start your budget with a comprehensive list of all holiday-related expenses. From gifts to food to decor to travel expenses, everything you can think of that pertains to the holidays should go on this list.
Decide on a spending limit
And stick to it. Allot an amount for each gift or area of your budget and don’t spend more on it than you have designated.
Track your purchases
Once you have figured out your budget and you’re ready to start buying, be sure to track each purchase you make. Pay attention to whether you are sticking within the confines of your budget and adjust accordingly.
Don’t rule out Black Friday
Take advantage of all the sales leading up to the holidays, including Black Friday and Cyber Monday. You might find better deals than you were hoping for.
Shop online
Don’t forget to comparison shop online, which will save you time and money. Some of the best deals today are found online. Remember to order your gifts with plenty of time for shipping.
Pick up some extras
Add in a few extra gifts that are generic in nature. That way, you won’t be caught off guard and scrambling (i.e., spending more money than you normally would) if you find yourself needing a last-minute gift.
