With the holiday season underway, many of us find ourselves stretching our budgets to cover the cost of gifts, travel, dining, etc. Because of this, it’s all too easy to end up in a financial slump at the very start of the new year. Through proper planning and execution, however, you have the power to keep a positive account balance while still enjoying the season.
One way to prepare for holiday spending is by setting a budget and sticking to it. Although an expensive gift or trip may seem like a good idea at first, it may not seem so great if you come to realize that you’ve overspent and can no longer cover your month-to-month expenses. By making a plan before you begin spending, you will be able to plan your purchases around what you can afford rather than looking past the prices while shopping.
In addition to making a budget, you can also use the resources offered by your financial institution to help you save money. Try creating a sub-savings account to house your funds for holiday spending and putting money in it each paycheck. This is something that can be done throughout the year or closer to the holidays. The more you have saved up, the less you’ll have to worry about overspending.
Another way to keep your finances in order through the holidays is by looking for deals to help you save money — the earlier you start looking, the more likely you are to save. You can often find coupons and special offers on company websites, social media pages, in store mailings, etc. This aspect of planning will take some time and finesse, but you won’t regret the savings in the long run.
When all is said and done, the most important thing about the holiday season is that you enjoy it with those you care about. Through planning and budgeting appropriately, you will have the resources needed to cut down on financial stressors and truly enjoy the season.