Skip to main content

Search

Top 4 Ways To Budget For The Holidays

Holiday gift-giving is a time of joy, and the expression you see on someone's face when they open that perfect gift can confirm that you found the perfect gift. Gisele Bundchen stated that "Christmas and the holidays are the season of giving. It's a time when people are kinder and open-hearted." When searching for the perfect gift(s), it's also essential to keep your budget in mind. Here are tips to keep your holiday budget on the right track.

Dog sitting around wrapped presents
Photo by Jakob Owens on Unsplash

Budgeting for the Holidays

Budgeting for the holidays begins by estimating what you plan to spend for gifts, travel, and food. If you have children, budgeting for presents keeps your budget on track by designating what you will spend on each child. If you have a significant other, agreeing on gift purchase limits for each other can help ensure that one partner doesn't overspend. You can also pre-plan your travel by budgeting at least six months in advance and establishing a limit for flights, hotel fees, and even souvenirs. 

Food can be expensive around the holiday time because you may spend more time at home cooking with the family. Establishing a menu and meal budget can help keep costs under control. Planning a potluck where everyone is responsible for one dish can help defray the costs when grocery shopping. 

Budget Early

You can start budgeting for the holidays early to have money designated for any purchases or travel you or your family plan to do. Preplanning your budget reduces stress levels that tend to increase around holiday time. Most importantly, it reduces the need to pay for purchases using credit cards, which can charge excessive interest rates. Setting a budget for holiday dinners, gifts, travel, and even holiday decorations can ensure you keep your budget on track.

Holiday Savings Tips

Set Price Ranges for Gift-Giving

Your budget for the holidays will depend on the size of your family and network of friends. Here are some estimated price ranges that you can use:
  • Gifts for family - $100-$200
  • Gifts for friends - $20 - $50
  • Holiday dinners for four - $150-300
  • Travel - $500 - $1,000
  • Holiday Decorations $100 - $500

Stick to Your Budget

Once your holiday budget is set, stick to it. You can stick to your holiday budget by:
  • Preplanning travel at least six months in advance
  • Shopping around for cost-effective flights and hotel accommodations
  • Establishing price limits for gift-giving
  • Having a pot-luck dinner where everyone brings a dish
  • Reusing holiday decorations

Comments

Popular Posts

6 Things To Do When You Get a Raise

What is one thing someone should do when they earn a big promotion and raise at work?  To help you make the best out of your promotion and raise at work, we asked business leaders this question for their best insights. From expressing gratitude to updating your resume, there are several pieces of advice that may help you make the best use of your promotion and raise at work.  Here are six things to do when you get a raise: Express Gratitude Make Smart Decisions Avoid The Trap of Overspending Improve Your Quality of Life Adjust Your Monthly Savings Update Your Resume Express Gratitude The concepts of the self-made man and overnight success have begun to unravel as professionals start to recognize the contributions of others. After a big win, it’s tempting for hard-chargers to set the next goal, but allow yourself a moment of reflection. Consider what you learned from the victory and who helped you along the way. Then, thank them and commit to repaying the kindness. Mentors move mountain

4 Ways To Save For Retirement as a Tipped Employee

How can you save for retirement while working in a tipped position with no benefits?  To help you save for retirement as a tipped employee, we asked thought leaders this question for their best insights. From exploring tax-advantaged plans to tapping the features of cash value life insurance, there are practical options that may help you save long-term for retirement.  Here are four ways to save for retirement as a tipped employee: Set Up 401(k) and Invest in ESPPs and ESOPs Limit Spending and Save Explore Tax-Advantaged Plans and Related Options Tap The Features of Cash Value Life Insurance Explore Tax-Advantaged Plans and Related Options No access to an employer-sponsored retirement plan like a 401(k)? You can still contribute to a tax-advantaged retirement plan if your income is documented on a 1099 or W-2. The earned income could allow you to make a tax-deductible contribution to an individual retirement account (IRA). More options exist for those with income reported on a 1099 for

8 Tips To Nail a Virtual Job Interview

What is one tip you have for candidates preparing for a virtual interview? To help you do well in a virtual job interview, we asked hiring managers and experienced recruiters this question for their best advice. From being well-prepared and engaging to maintaining eye contact with the interviewer, there are several pieces of advice that may help you perform well in virtual job interviews. Here are eight tips for nailing virtual job interviews: Be Well-Prepared and Engaging Test Out Your Environment and Technology in Advance Turn Off Notifications On Phone and Computer Speak With Confidence and Be Authentic Write Down Things To Refer To During The Interview Focus On the Fundamentals Show Interest and Stay Engaged Maintain Eye Contact With The Interviewer Be Well-Prepared and Engaging  Stay in the moment for a virtual interview. Though “stay in the moment” might seem cliche or vague, this adage encapsulates patience and awareness and works best with deep breathing. Research, practice, an