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Holiday Budgeting Tips

The holidays are approaching, and if it’s like last year, 46 percent of Americans will feel pressured into spending more than they can afford. Avoiding falling into the trap of overspending can be difficult, but if you develop a plan for holiday budgeting, you’re more likely to ring in the new year with your finances ... Read more

The holidays are approaching, and if it’s like last year, 46 percent of Americans will feel pressured into spending more than they can afford. Avoiding falling into the trap of overspending can be difficult, but if you develop a plan for holiday budgeting, you’re more likely to ring in the new year with your finances in good shape.

Start by thinking big-picture about your overall holiday budget. If you’ve set aside funds to help cover celebrations, use that to pay your monthly discretionary income. A big-picture holiday budget doesn’t focus merely on gifts, but looks at every added seasonal expense:

  • Christmas cards and postage: Trimming your list can save expenses each year. Consider substituting e-cards for traditional cards for some contacts on your list.
  • Decorations: Everyone loves holiday traditions, so cut costs by bringing old favorites out of storage.
  • Hosting parties: Your annual get-together may be a tradition, but it can be taking a huge bite out of your seasonal budget.
  • Eating out: Whether it’s grabbing fast food while shopping or enjoying a celebratory night, food expenses tend to jump around the holidays. Keep a tight reign on yours.
  • Gifts: Generosity is wonderful, but reducing the amount you budget for gifts to secondary and tertiary members of your list (mail carriers, hair dressers) frees up funds to spend elsewhere.

After you understand where you need to allocate resources, it’s time to start developing your budget. Budgeting is a process of making decisions and sacrifices. It’s likely you won’t have enough funds to meet every need. Remember: You’ll need to address expenses such as credit card debt – including interest charges – in the future if you lose control of your budget.

Some families turn to envelopes of cash divvied out to strictly enforce each area of a budget. While this imposes discipline on spending, it’s also risky, as there’s no protection against thieves or misplaced cash. We feel it’s worth reducing the risk to manage your money in a more secure setting.

The new year is always a great time to rethink your household budget. Start planning for next year’s holiday budgeting now: Stocking away just $50 each month will give you an extra $600 to help pad out your holiday expenses next year.

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