Making A Holiday Budget

by DCU |

The holidays are time for seasonal cheer, catching up with family and typically some financial panic! If you just looked at your calendar and realized gift giving season is closer than you thought, don’t worry – we’re here to help you make an effective budget! 

Make a list of your expenses: Are you buying presents for everyone? Hosting a party? Attending a holiday event or concert? Write a list of everything you plan on spending money on, estimate how much each item costs, then start to prioritize. You don’t have to cross anything off just yet, but make a mental note of which items are most important.
How to find the best deals? Sign up for email alerts and follow brands on social media. You’ll be first to find out about those special seasonal sales. You should also pay attention to Black Friday and Cyber Monday promotions!

Set a limit: Review your discretionary income and any money you’ve set aside for holiday expenses. The goal is to figure out how much you can afford without going into debt. If you have to dip into your savings, make sure you keep a cushion for any emergency costs that may come up.

Research seasonal sales: There are always sales around the holidays – this is when many retailers make a large portion of their annual revenue, so they want to attract as much business as possible.

Comparison shop: Unless you’re looking for a super unique gift, your desired item is probably available from multiple retailers. Fortunately, the Internet makes comparison shopping easy, especially during the holidays when every company is trying to compete for your business! Make sure you visit different websites and do some research to find the best deal.

Consider using cash only: One of the downsides to shopping online is that is can be harder to track how much money you’re spending. It’s even trickier during the holidays when you’re purchasing many items at once. As an alternative, try to use cash – you’ll know exactly how much money is leaving your wallet. Plus, this gives you the chance to shop in person, and even support local businesses!

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