The holiday season is almost here and it is tempting to overindulge in many ways. For your financial future, it is important to resist the snare of overspending. With expensive events, a long list of presents to buy, and travel costs, it’s easy to let it get out of hand by the time 2015 is here.
Avoid paying for it in the New Year by using these holiday spending tips to keep your finances in check.
Decide on your budget
Take an honest look at your overall financial standing and be realistic about how much you can responsibly spend. You may have to reallocate some of your discretionary spending during this time.
Make lists your best friend
Nothing can wreck havoc on your budget than last minute expenses. Make a list of all of your gift recipients and the dollar amount you can spend on each. Be prudent. And remember, not all gifts need to cost money. This is a time to get creative and even sentimental. It may sound cliche, but the thought really does count. A scrapbook of memories or an assortment of holiday goodies are great ways to show people you care. They will appreciate the time and thought behind the gift.
Event and party expenses
Next, list all of the food and drink that you are responsible for providing. This includes family holiday celebration dinners to the bottle of wine you want to take to that holiday party. Also, outline all travel-related expenses that you will incur. This includes airfare, lodging, meals on the road, and incidental expenses, like pet boarding and airport parking.
After you put down all of your holiday plans and expenses in writing, you may see that you have overbooked yourself. This would be a good time to prioritize and cut back a little. Slowing down is not necessarily a bad thing, and you may find the slower pace helps you actually enjoy the season instead of rushing around, buying more and more.
Avoiding holiday financial debt is the best gift that you can give yourself and your family. Planning a realistic budget and making lists of expenses can help you be strategic and smart with your holiday spending. Financial stability is attainable with some simple steps. Contact us and we will be happy to assist! Millan & Co. wishes you a festive, safe, and budget-friendly holiday season!