Let’s be honest, the Christmas and New Year holidays are some of the happiest times of the year, and yet one of the most expensive. Before I start, let me greet you Happy Holidays and wish you all a prosperous 2023.
People buy presents for their loved ones, fly to different destinations for a holiday break, and visit families back home in provinces for the holidays. In addition, we also spend a lot on food in time for the celebration. All these cost a lot of money and if we are not careful with our finances, we definitely might end up with no money to start the new year.
With the rising cost of goods and services maybe because of the pandemic and so many factors, many people nowadays are very much aware of budgeting their finances. Hard to admit, but we still have monthly bills that need to be paid such as electric, mobile plans, internet, and so much more. This is why budget planning comes to mind!
After searching for ways to budget our finances for this holiday season, here are 3 helpful tips for your to remember.
Create a budget for the Holidays
Even if we bought gifts for Christmas, there were still some that we forgot. This is is why it is important to create a buffer and you must include that in your list. Do not worry because, if you want to save up and monitor your spending for the upcoming holiday, it is better to plan your savings ahead of time. There are so many trustful financial calculators available on the internet that can assist you with your savings for free.
With this, you will be able to figure out and gives you an idea of how much you need for the coming holiday. This is very important because you won’t end up surprising yourself with where the money went.
Make a gift list
It’s been a practice of ours that by October or November, we grab a pen and paper and start making a list of people who are very close to us like family and friends, and list the kind of gifts that we will give them for Christmas. And, as mentioned before, create a buffer by adding two or three more gifts to someone who comes along during the holidays.
Once we have the list, will go and get them in stores especially if there is a wide sale. You must really check on mall sales because you can definitely save a lot from that. Do not forget to remove the price tags ok. Lol…
Celebrate according to your means
Aside from buying gifts, part of the holiday is to celebrate with loved ones. Most of the time, we buy food outside or even make home-cooked food for the party, Give monetary gifts to the kids, and booze for the adults. But with all these, keep in mind the budget that you have and stick with it. Instead of shouldering the expenses by yourself, I think a potluck is a more recommended idea!
Hope these simple tips help, and just remember, the Christmas holiday is just one of the many holidays we have. Plan ahead and do not forget to enjoy the celebration and have fun!