Money Basics

6 Ways to Budget this Holiday Season

December 2, 2020

Go into the holiday season with a plan. Here are some helpful ways to manage your spending.

  1. Spend wisely
    The first step is to plan what you’re comfortable spending on gifts and other expenses this holiday season. This may include additional food, home décor or travel costs. Look at your regular weekly or monthly budget and decide what you can spend this year.
  2. Plan your gifts
    As part of your holiday budget, make a list of the people you want to purchase gifts for. You will get a clear understanding of how many gifts you need to purchase.
  3. Set your budget
    Start planning how much you want to spend on each person based on your budget. Play around with dollar amounts to see where you want to put your money – but make sure you stay within your established budget.
  4. Bargain hunting
    Watch store or online sales for the items on your list. Check other retailers to see if they offer any discounts. When you’re ready to purchase, consider buying multiple items from one retailer to save on shipping costs. Look for retailers offering free shipping or discounts for first-time customers who sign up for emails.
  5. Gift exchanges
    Have a large group to shop for? If you usually purchase a gift for every person in your family, consider drawing names for your gift exchange. Or consider a gift exchange of homemade gifts. Express your creativity by making something one-of-a-kind.
  6. The gift of time
    If 2020 has taught us anything, it’s to appreciate what we have. Just spending time with loved ones is a gift this year. If you can’t get together in person, look at doing video calls. Several online platforms offer free video calling. Play a board game over Zoom, tell jokes over FaceTime or read a book together over Messenger. No matter how your family gets together this year, enjoy spending time with your loved ones.

This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.

You Might Also Like