It’s a great time to think about your budget for the holidays. Here are a few tips to get a plan for your holiday budget.
1. Be mindful of who you are buying for and how much you should spend on each person
Break down the money that you spend by each person so that you’re mindful of your finances through the holidays. If your shopping list includes more than five people outside of your immediate family, have some fun and get creative with gift-giving. No matter how you approach holiday spending, this year challenge yourself to shift your mindset by considering these questions: How much cash could I put aside each week to use on gifts? Before I purchase anything off my list, do I know exactly how much I’m spending?
2. Plan a new way to receive gifts & save for gifts
To help your friends and family stick to minimal holiday purchases, offer gift recommendations that avoid high spending. You could also ask your family to replace material gifts this year with experiences.
3. Think more about your spending habits & plan purchases in advance.
In order to break spending habits that you may regret later, it’s important to consider how they make you feel. In the moment when you are standing in front of the item you want to buy, pause, breathe and imagine how you will feel about the purchase the next day? Remember that spending money can be fun, as long as we are intentional about saving money to reach our goals and have a financial plan in place.