Christmas serves as a testing ground for your budgeting skills where you plan over and over to minimize your expenses. And you know what? Planning a good budget is fair but sticking to your tight Christmas budget is the hardest part. Between planning for parties, buying gifts for family and friends and all the other miscellaneous activities done in the holidays. Having a solid budget which is easier to follow is one of the most important things you can do. In this post, get great tips for you to enjoy Christmas on a budget. Consider These Reads
The best way to follow your Christmas on a budget plan is to use a planner. I’ve created a free holiday planner you can download below.
Here are some 7 tips for enjoying Christmas on a budget:Christmas on a budget tip #1
Knowing how much you can spend:
Christmas on a budget is nothing but your current disposable income. If you are planning on spending the amount which you don’t have, get ready to repay the money to credit cards in the months to come. To avoid all these chaos, know your budget well. If you haven’t saved holiday money start to cut back on extras such as movies and outside dining.
Christmas on a budget tip #2
Apply the 24-hour rule:
When you see a gift to be purchased for someone and it is on the pricier section of the shop, give some time to yourself. Once the initial excitement of seeing an item wears off, you may realize you don’t need it after all.
Christmas on a budget tip #3
Start your shopping early:
With sales in November comes a huge crowd to grab the best offer. Once you decide shopping before Black Friday and the following Thanksgiving, it is easier to bargain at the prices. Knowing this you must prioritize your shopping list.
Christmas on a budget tip #4
Have your accountability partner:
You can’t always do things on your own. Having someone to hold you accountable for your spending can be of great help in sticking to your planned Christmas on a budget price point. This can be anyone from your friend or a partner who is also working on their budget. Even though budgeting may seem like a drag, it can keep the holidays stress-free and help you avoid a financial hangover once all the festivities are done and dusted.
Christmas on a budget tip #5
Taking every expense into account:
If you are keeping a track over most insignificant expenses too, you’ll be able to visualize your budget and make the necessary adjustments.
Christmas on a budget tip #6
Keep some money for next year:
Setting aside a little money from each paycheck can help you prepare well for the next holiday season. It’s easier to work within your budget if you’ve been planning all year to have the right amount of money for your holiday needs.
Christmas on a budget tip #7
Practice prospective budgeting:
This means that instead of spending all month tracking every transaction, you plan the month out before it even starts. This starts with writing down all the non-negotiable expenses such as the bills. Doing this will allow you to plan your ideal holiday budget as you will know your limit in advance.
As you know the holidays can be very much fun or equally stressful. So it is better to stick to your ideal budget by following the Christmas on budget tips mentioned above. Have a ‘Financial-Hangover-Free’ holidays!
Download the free holiday planner to help you stick to your holiday budget.