Keeping Your Budget During the Holiday Season

The holiday season is upon us. And what comes with it is the busiest shopping season of the year. During this time, it can be difficult to stick to a budget. However, it’s during this season the budget becomes much more important. Try these tips for maintaining your budget this holiday season.

Plan for it. 

The biggest tip we have is to plan in advance (prior to November…) for your holiday season. They occur at the same time each year, which means you can budget for them in advance. Make the holidays a part of your monthly budget, whether it means designating a savings account for them, or stashing a cash envelope in a safe each payday. You can plan to have a fund for them, so you don’t go broke during this season.

If you did not have the foresight this year to plan for the holidays, it’s not too late. It just means you need to be more creative within your budget. Look at the rest of the year, and all of the events you planned to attend. Evaluate what each one requires (not recommends), and plan what you will need to bring. Fun fact: a cookie/gift/ornament/holiday-whosey-whatsy exchange does not require you to bring something if it’s not in the budget. You can opt-out of the party game, in favor of quality time with your loved ones. It’s still a great option to attend the parties, but you don’t need to purchase anything if you did not plan it in your budget.

Scale it back.

The holidays are not a time where you need to, “go big or go home”, especially if it’s not been budgeted. Instead, plan for small but thoughtful gifts that fit within your budget. A simple handmade card or shirt, thoughtful gift card, or trinket can suffice as a gift. It’s not the extravagance of the gift, the dollar amount, or the pride that matters. What matters is the thought and joy that goes into the giving of the gift. The best gift I ever received was a small, thoughtful gift basket from a friend. It had a small journal, my favorite beverage, and a pen, all the things that I loved. And it probably cost my friend less than $20 to purchase it, but the thought she put into it was worth more than any dollar amount.

Opt to volunteer.

Part of the joy of the holiday season is the ability to give to others and to give back. In lieu of a big, traditional holiday dinner (that costs a fortune to host), opt to volunteer with family. Ask your family to spend some time at a homeless shelter, soup kitchen, or senior center for the holidays. Give back your time and energy to those in need, instead of a big, traditional dinner. You will make new memories with your loved ones, and provide a service to those less fortunate. It’s an all-around win for the family.

There you have it! These are our tips for staying on budget during the holidays. What tip do you plan to try this year? What tips did we miss that you have used, and worked well in the past? Let us know in the comment section.