Facebook Share Twitter Share Google+ Share Linkedin Share Pinterest Share
Five Budgeting Tips to Help You Save Money During the Holidays

Five Budgeting Tips to Help You Save Money During the Holidays

Black Friday and Cyber Monday have officially kicked off the 2018 holiday shopping season. But where do these big-spending days leave those of us who would like to remain financially responsible throughout this bustling shopping season?

It can be easy to get caught up between finding a bargain and maintaining a budget during the holiday season. But there is help for those who might be wishing for more saving than spending right now.

Here are five tips to help you maintain a budget during the holiday season:

1. Make a list.
The big guy in the red suit famously makes a list that he checks twice before handing out holiday presents. Take a cue from this legend! Before you start recklessly spending on decorations, gifts or other seasonal items, write down the things you intend to buy. This way, it will be easier to stick to a spending plan. You’ll get the satisfaction of crossing things off your list once you purchase them, plus when everything is crossed off—your mission is accomplished!

2. Set limits.
A basic rule of budgeting is deciding how much money to spend on the things you need. Apply this same rule to your holiday shopping. Determine how much you’d like to spend on decorations, presents, entertainment and even charitable donations. Once your holiday budget is set, don’t budge from it! There always will be another sale to tempt you, but if you can stick to your budget, you’ll save more than any offer out there.

3. Use cash only.
After you allocate money to each category where you’d like to spend this holiday season, withdraw the appropriate amount of cash and use it to purchase the items on your list. Once your cash is gone, your holiday shopping is over. This tip can promise certain success, but those of us who rely heavily on our credit or debit cards might have to hide them for the duration of the holiday season to make it work!

4. Track your spending.
If you’re following along with these tips, you’ve already created a shopping list for the season. As you purchase the items on your list, write down what you pay for each one. Seeing really is believing when the numbers are in front of you. This is another great way to hold yourself accountable for the spending limits you’ve set for the holiday season.

5. Start planning for next year.
At this point in the shopping season, it might be difficult to even dream about next year, let alone what you’ll want to spend at that time. However, the truth is that if you’re able to start setting money aside for next year’s holiday shopping season at the start of the new year, you should be in great financial shape once the holidays arrive.
So, this year, plan to stick to your holiday budget—but, set a goal of saving ahead of time for next year. Here’s to a financially sound holiday shopping season for all!