Snowman - Holidays

Now that we’re in the middle of the holiday season, it’s time to turn your attention to your budget. More specifically, the steps you can take over the next few weeks to stay on budget – no matter what comes your way.

Here are five holiday budgeting tips to keep you on track:

1. Know How Much You can Spend

This is the most important thing you’ll do, as you must have a clear idea of how much you can spend. From gifts to hosting family, set a budget for everything. With this in front of you, it’s much easier to make informed decisions that you won’t regret at a later time.

2. Track Everything

It’s one thing to create a budget, but another thing entirely to stay on track. For example, you can say you’ll only spend $1k over the course of the holiday season, but you must track every dollar if you want to stay within budget.

3. Make a List of Potential Expenses

One of the primary reasons for overspending is a lack of knowledge in regards to expenses that will arise. List out every potential expense, even if you don’t expect it to take a big chunk out of your budget. Every last purchase can add up, so you need to plan accordingly.

4. Talk to Others About Your Gift Budget

For example, let your family members know if you won’t be able to spend as much money on them this holiday season. It’s not always easy to do, but setting expectations upfront can make budgeting easier on all parties involved.

5. Shop Sooner, Not Later

This absolutely comes into play when buying gifts, as you want to give yourself as much time as possible to find the perfect item at the lowest price. If you wait until the last minute you may end up spending more money than you want.

What are your thoughts on these five holiday budgeting tips? Will you follow them in the weeks to come? Do you have any others to add to the list?

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