8 Simple Budget Tips For The Holiday Season
The holiday season is almost here, which means so is the season of giving…and the stress that probably comes along with budgeting for holiday shopping. If you’re stressed about spending money on gifts and keeping track of your expenses during this year’s festivities, read on to learn about how to budget for the upcoming holiday season.
8 Budget Tips For The Holiday Season
Start Saving As Soon As Possible
‘Tis the season to be savvy with your spending. It’s never too early to strategize and set some extra money aside for your holiday spending. We recommend creating a ballpark budget at the beginning of the year and putting savings into it each month leading up to the holidays. This simple fund will save you the stress of trying to scavenge up extra cash to utilize during the season, but also keep you secure in your spending habits (and hopefully on budget!)
Start Gift Shopping Early
When it comes to holiday shopping, the sooner, the better! Keep gift ideas in mind for those on your shopping list in the seasons prior because you may find the perfect present much earlier than you expected—meaning that you can start shopping for gifts in the early summer or fall. This will also ease stress later in the year because you won’t be shopping for everyone (and everything!) all at once and feeling overwhelmed during the time of year that’s supposed to be festive and fun.
Bonus: Your bank account will also thank you because you won’t be racking up those charges all at once, either. So, go on and beat the holiday crowds and get your shopping done early!
Tip: Stocking up on seasonal items during post-holiday sales can also save your future self a ton of cash. Hit up clearance sales for discounted seasonal decor and other discounted holiday items that you can hold onto until next year!
Narrow Down Your Shopping List
While gift-giving may be a love language for some, it can be incredibly overwhelming for others—especially during the holiday season. If you’re stressed about your holiday budget and don’t have super flexible expenses (aka your budget is tight), a great tip would be to narrow down the list of the people you’re planning to shop for.
Think family, close friends, significant others, etc.
Reminder: While gift-giving may be your love language (and we know that you’re darn good at it), it’s alright to scale it back this year if the funds just simply aren’t there! If you have an extensive list and can’t narrow it down, try organizing a large gift exchange orSecret Santa party, instead. This way everyone will get to partake in the giving and receiving of gifts, but without the hefty expenses that come with the holiday shopping season.
Make A List (And Check It Twice)
Once you’ve narrowed down the list of people you’ll be shopping for, make a list with gift ideas for each person and how much you’re willing to spend. From there, you can calculate a total budget for the entire season. This will help you gauge how many gifts you’ll need to be on the lookout for and will also help to keep track of your intended expenses.
Tip: Make a Pinterest board or spreadsheet withgift ideas for each person that includes website links or prices for everything. This allows you to create an easy present guide for when you’re shopping in a hectic mall and need to stay on track or deep in an online spending spree a week before your gift exchange. (We’ve all been there. Don’t worry.)
Separate Your Spending Into Categories
Another way to be budget savvy this holiday season is to separate your spending into holiday-specific spending categories. These categories can be used as a reference point each year to aid in what you’re shopping for and how much you’re willing to spend.
Some common holiday spending categories are: gifts, food, entertainment, travel, holiday decorations, and more. Decide what’s most important to you or what you’re willing to spend more on, and go from there.
Online Shopping Is Your Best Friend
The easiest way to shop for gifts for everyone on your list? The internet.
Save time (and money) by shopping online this holiday season. The benefits of getting your gifts online are that you have way more options to choose from, you can price check across various sites, you can (almost) always stack coupons to get the best deal, and shipping purchases straight to your door not only saves you time but all the extra money spent you’ll spend on gas.
By shopping online for yourholiday gift list, you’ll also beat the hectic crowds and lackluster in-store deals, as well as having the option to get all of your shopping done whenever you want. No need to run to 10 different stores on 10 separate occasions for your holiday shopping!
Set A Limit (And Stick to It!)
Now that you’ve got an idea of who and what you’re shopping for, set a spending limit and stick to it! Creating a separate savings account for holiday-specific spending early on in the year can show you how much money you currently have to spend on gifts, food, entertainment, travel, holiday decorations and more. This fund will also hopefully prevent you from dipping into any of your savings.
Reminder: Set realistic spending limits. It can be easy to get caught up in the hustle and bustle and glitz and glam of the holiday season; overconsumption and overspending are all too common. Your budget should be one that works for you and your personal income…no one else’s.
Give The Gift Of Your Time
If your budget is super tight this year and you don’t have the finances to go all out for the people on your list, one of the best gifts (that money can’t buy) is your time. Simply spending time with your parents for a holiday movie night, meeting up with a friend for coffee, or cooking your significant other a nice home-cooked meal is more than enough for those who aren’t able to give gifts this year. And more times than not, this quality time will be what your loved ones will cherish the most during the holidays and for years to come when reminiscing on the season.