It’s that time of year again! When people think about the holidays, they think about giving to those less fortunate, buying Christmas presents, attending holiday parties, indulging on lots of food, and spending time with family. However, it’s also the season for ……budgeting! That’s not usually what you think about during the holiday season, is it? Although holiday traditions are all very important, it’s also about staying on a budget.
Many people often get into money trouble this time of year. The best way to prevent overspending is to make a holiday budget. This allows you to enjoy all the holiday cheer and giving without feeling the stress of your bank account.
If you need a little extra help on starting your budget, here are a few easy tips to reduce your spending:
- Take a look back on all your regular monthly bills and what you’ve spent in the last year. Looking at your spending habits will allow you to determine how much you can afford to spend on gifts. Is there anything you can cut back on or eliminate to make more room in your budget? This will allow you to set a solid number that you can plan on spending.
- Make a list. Write down a list of everyone you will be buying gifts for and exactly how much you can spend on each person. This will allow you to stay organized and eliminate overspending. For example, you have a limit of $40 to spend on your mom and would like to get her a new shirt and jewelry for Christmas. But what if you find a great pair of shoes you know she’d love? The shoes cost $40. Now you can only get the shoes, otherwise you will go over your budget. Making specific lists will help tremendously before doing your shopping!
- Consider alternatives to your ‘normal’ gifts. Maybe you decide to make some of your gifts this year. There are endless DIY gifts out there. For example, you could make a fleece tie blanket, bake a basket of Christmas goodies, or even make a homemade door sign. You can also choose to do a gift exchange. In my family, we’ve made a tradition with all my siblings and significant others for everyone to bring a bottle of an adult beverage of their choice and a board game to play. Then we will do a fun grab bag exchange. It’s a great way to spend less and have fun while doing it!
- The last, most important step is to STICK TO IT. It’s sometimes easy to set the budget, but actually sticking to it can be difficult. Those Black Friday and Cyber Monday deals sure can get you! I’m not saying those are all bad, but it’s important not to get sucked in. Not every deal is as amazing as it may sound. Remember that it’s also okay to put yourself on your spending list. Making room for a new dress or pair of shoes for the holiday party is sometimes essential!
It may sound difficult at first, but after the holidays are over, you will be thankful you stuck to your budget! Don’t forget what the holidays are really about. You don’t have to sway from your traditions to stay on budget. Now it’s your turn. Have you made your holiday budget yet?
Brooke Seeba is a Student Outreach Coordinator for Aureus Medical Group.