Money Monday: Holiday Budgeting
In this week’s Money Monday, we’re bringing the holiday spirit a little early! From the financial strain the pandemic brought on to everyday expenses, it’s perfectly normal to be worrying about how you’re going to survive the holiday season. Gifts are a staple of the holidays but can take a large chunk out of your bank account, especially if you wait until the last minute to start buying. We’ve listed a few ways you can still buy your loved ones meaningful gifts and spread out your holiday costs!
Setting Aside Holiday Funds
Start early - we can’t stress enough how much setting aside money for the holidays, at least a month in advance, helps. For every paycheck you receive, set aside $20, $100, or any amount your expenses allow. This will help you save not only on gifts but all of the extras that aren’t talked about as much - gas to visit family, food to bring to gatherings, wrapping supplies, etc. If you already know which gifts you will be buying, start buying them one by one as you see them. This will help you spread out the costs, so you’re not spending a large amount of money at one time.
via Unsplash
Shop Smart
Shopping smart during the holidays can come in many forms - shopping early, buying online, or shopping second-hand. If you’re worried about the holiday season affecting your budget, track every dollar you spend on gifts and find a way to subtract it from your overall budget for everyday expenses. This could be as simple as not buying the sweater you’ve been eyeing or not ordering takeout for a month to help balance out your budget so you don’t feel like your account is draining. You can also personalize gifts by DIY-ing your wrapping paper or even the gift itself to save some money.
via Unsplash
Create a “Secret-Santa” Gift Exchange
“Secret-Santa” is often a tradition of holiday work parties or friend gatherings, but why not make it a Christmas staple for all of your holiday gatherings? Create a larger “Secret Santa” with all of your friends, family, and co-workers this year. It will make it easier to buy gifts since you are only obligated to buy one or two people gifts per group depending on the number of people who are participating. You can set a cost limit of $50 or any price that is comfortable for everyone. This will narrow down your gift list and save you a ton of money in the long run.
via Pinterest
Share this with someone who is already working on their holiday gift list and keep your eyes peeled for our blog post on Thursday about budgeting for the holidays and your wedding!
Other Topics You May Be Interested In
