It’s Never too Early to Budget for the Holidays

The Holiday Season may seem like it’s still an eternity away, but preparing your budget for the expenses of that time of year is always a good idea! Whether you look to get ahead on your gift purchases, or set aside some additional funds for the holidays, there are a number of ways you can financially prepare yourself for the gift-giving season!

The Holidays are Closer than you Think

How many times have you found yourself in a situation where someone casually tells you that “there are only x number of days until Christmas” to which you are completely stunned? It happens to all of us and it’s because the fall and beginning of winter is such a busy time of year. However, you won’t want your budget to be left out in the cold when it’s time to make those gift purchases. So how do you combat this? Making a plan months in advance is always a sound strategy, and so is spreading out your purchases. If you see something while out shopping during the summer that would make an excellent gift, don’t be afraid to purchase the item and set it aside until the end of the year. Knowing that the holidays are quickly closing in doesn’t have to be stressful, and being prepared ahead of time is the best way to combat this worry.

Stay True to your Budget

Perhaps the most difficult part of purchasing gifts can be staying within your budget because, after all, someone really wants that particular gift and you don’t want to disappoint them, do you? Situations like this arise all the time, but making sure you’re financially secure is priority number one! A great way to avoid situations like this is to commit to purchasing a certain number of gifts. For example, if you’re buying gifts for four people then commit to purchasing two gifts for each person. This allows everyone to define the two gifts that they would like the most, and it allows you to easily plan your budget and stay within it! After all, the holidays are a celebratory time, not a time to spend all of your money!

Take Advantage of Sales After the Holiday Season

This may sound a bit strange given that this is all about helping you plan financially for the holidays, but often times the best sales are those that happen just after the end of the year has come and gone. A particular gift someone may want could put you over budget, but you want to help them get it, so what do you do? Don’t be afraid to gift a gift card or even cash itself—after all, that particular gift that was too expensive before could very well be part of a big sale once the holidays have passed! In those cases, both you and the person buying the gift save money, and it’s a win-win for everyone!

In all, the holidays can be a daunting time of year for you and your budget. However, knowing when and how to plan ahead can help you stick to your budget and ultimately make the holiday season more enjoyable for all involved! Contact Carolina Money Minders for more holiday budgeting tips!