Sticking to a budget during the holidays can be difficult. Friends and family gather with food and gifts, advertisements entice you to spend more and promote a sense of urgency to get the best deal before it is gone. For many during this time, it is hard to stick to a planned budget. This means accumulating debt and often starting the New Year in a financial rut.
FamilyMeans Financial Solutions is an expert in budgeting and helping people gain financial freedom. We have come up with 7 helpful tips and tricks to help you get through the holiday season without gaining debt and reducing the stress of holiday shopping.
- Make a list of holiday expenses. This should include items like gifts, food, drink, gas to travel, and clothing.
- Decide on your spending limit. Be realistic about how much you can spend while still having funds to cover your everyday essentials like groceries, gas, and bills.
- Assign money to each of your listed expenses. Be realistic with costs!
- Shop around. With current technology, it is easier to price shop for the best deal. Go online and compare prices, and find the location with the best price for the item.
- Make a plan for shopping and stick to it! Once you know all the locations you need to go and the amount you have to spend at each, get shopping! Try and go to these stores during hours were there are not many people or shop online. When there are lots of people around you can feel pressured to make quick purchases which can throw off your plan.
- Track your purchases. Keep receipts and record how much of your budgeted money was used for each purchase. This will help to keep you accountable. If you have leftover funds, save this money for unexpected costs that may come up.
- Don’t procrastinate. If you wait for the last minute to make purchases you may feel pressure to buy out of convenience rather than best price or fit into budget. Make a plan early and give yourself time to shop around.
Having a financial budget can be hard, but sticking to a plan will help you to have less stress and debt. FamilyMeans Financial Solutions is here to help you find financial freedom. If you find yourself feeling anxious about your spending or have accumulated debt, we can help. Our certified consumer credit counselors can guide you with budget counseling, create a debt management plan for you, or provide financial education. Learn more here or contact us at 651-439-4840 to get started.