After all of the savings and being thrifty before Christmas, the money finally spent on gifts, food, and recreational activities done with family and friends. It has been two days since Christmas but it’s not yet safe to relax! There’s still New Year’s Eve dinner to prepare for. Are you worried about your holiday money?
Here are some tips on how you can stretch your budget and make it through the holiday.
Budgeting Your Holiday Money
— Segun Manuel™ (@segunmanuel) December 20, 2016
Know Your Priorities
During the Christmas and New Year season, most people’s budgets usually revolve around food, gifts, and recreational expenses. These things can immediately comprise more than half of the money on hand. The best thing to do is to list down the expenses then rank them in order of necessity. Is there a special end-of-year of concert that you want to attend with your friends or significant other? How much do you really need for your New Year’s eve dinner? Decide on the degrees of importance of each then see what expense you can put off for something more significant.
Keep Track of Your Expenses
After knowing your priorities, write down the amount you expect to save before doing a major shopping spree. For example, you are going to buy gifts for the people you failed to give presents to this Christmas tomorrow. Determine the number of people then set a budget. After that, decide on what you can get for these people that is within your budget. When you go to the mall or online shop, stick to your shopping list. After spending your money, set aside the extra money for emergency.
Use Credit Wisely
It can be very tempting to pull out your credit card every time you pay for your merchandise, especially during the holiday season. Caution is a must when using credit when shopping because no one wants to see a hefty credit bill when January 2017 comes. If you have gift cards, you can use them instead of your credit card.
Read More: Christmas Sale 2016: Don’t Break The Bank
When you are done budgeting…
Maximizing your holiday money is like going on a diet: the key to success is moderation. After your hard work in budgeting and monitoring your cash, give yourself a reward. If you achieved your goal, go ahead and celebrate. Treat yourself to your favorite ice cream or go buy yourself a small souvenir that will remind you of your achievement.
Don’t deny yourself of material pleasures. This will cause you to be pessimistic about money and make people label you as cheap instead of thrifty. You deserve a little reward every now and then. After all, you just worked hard on budgeting your holiday money from start to finish.
Read More: Gifts Ideas For Parents: The Ultimate Guide For Affordable Christmas Gifts For Your Parents
— HudSU Advice (@HudSUAdvice) December 20, 2016