The holiday season is a season of giving, which often means it is also the season of spending. To help take the stress out of the holidays, create a holiday budget – and stick to it! Easier said than done, right? Well, Finance Expert Bruce Sellery has tips to help you stay on track.
TIP 1: Figure out what the holidays are for
The answer is different for every family – it can range from gifts, to group activities, to quality time spent gathered around the dinner table, and more. But it’s important you understand what the main priority is for you and yours – that way, you can align your spending with those interests.
TIP 2: Renegotiate the terms
Sit down with your loved ones for a discussion on ways you could do things differently this year – for example, if you’re budget is tight, perhaps you could lower the price limit or number of gifts you exchange.
TIP 3: Develop a holiday budget
Have a number, and stick to it! Make sure you take everything into account when you come up with that number, including gifts, holiday entertainment, gas to drive to family dinners, holiday outfits, etc. Write it all down, total it up, and make a plan of how you’ll pay for it!
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