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August 17, 2017

Why You Should Start Your Holiday Budgeting Now

Why You Should Start Your Holiday Budgeting Now  via  www.productreviewmom.com


Some people start saving for the holiday season as soon as the previous one ends. Big budgets are nice, but the point of the holiday season is to spend time with family, friends, and loved ones. Make your budget according to what you can really afford to spend without going overboard. It is ideal to start planning your budget by September to make sure you’ve covered everything. Today I am sharing a few reasons to start your holiday budgeting now.


Big Ticket Items Are More Expensive


The cost of popular items, electronics, and video gaming systems increases nearly yearly. This means that you likely need to increase your budget slightly. Take into account the average cost or regularly priced items now to make your budget. This gives you a bit of a contingency if sales are not what you expect them to be.



Shopping Lists Change


Kids and adults both change their minds several times when it comes to what they want or need for their holiday gift. Given that your list changes, your budget should allow for those changes. It takes a bit of time to manipulate your budget to satisfy everyone. Your list of big-ticket items should start no later than October.



Forgotten People


The first time you make your gifts to purchase for list, you are probably going to forget at least one person. This list should be revisited often and adjusted as you remember who else needs to be added. This can affect your budget significantly, so it is ideal to start this list in mid-August.




Prepare for Flash Deal Purchases


Retailers are starting their holiday sales earlier every year. Online flash deals are only good for a short amount of time. If you have already prepared your budget and have savings set aside, you’ll be able to make these early purchases. These flash deals are likely less than you budgeted for, so you have additional funds to spend elsewhere.



How to Create your Holiday Budget



When creating your holiday budget, figure out how much actual spending money you have each month. Take about 50-percent of this and put it into a savings account. Write a list to make additional lists from. This list should include the categories that you need to spend money on like family dinners, stocking stuffers, and decorations as this all plays a factor in your budget.


Each of your categories should be made into its own list. These individual lists should all be given a set monetary value. To stay within this set budget, think of alternative options for items that blow the budget, such as repairing decorations rather than purchasing new ones.


For every person that you plan to buy a gift for, put a set dollar amount next to their name. Instead of buying individual gifts for couples, purchase a couple’s gift instead. This helps keep your budget manageable. Compare the cost of last season’s shopping, determine whether it was sufficient or was too much, and make adjustments accordingly.



Would you like to make extra money for the holidays?  Check out this post.

When do you start putting your holiday budget together?


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2 comments

  1. These are some wonderful tips. Since we have less than 150 days until Christmas it's definitely time to start planning for it.

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  2. Great tips! We do an old school Christmas plan for our budget. So it’s set up each January. I love the idea of a couples gift instead of individual.

    ReplyDelete