The excitement of the season makes carefree living seems like the only way to go during the holiday. It’s so easy to get carried away during the holiday season! As fun as the season is, however, it’s important to keep an eye on your budget during Christmastime, so you’re not faced with a financial crisis later on.
How can you resist that urge to spend frivolously in the name of gifts and having a jolly good time?
5 Easy Money Management Tips for the Holiday Season
- Remember January is a long month. Resist the urge to spend all your holiday earnings on gifts, parties and Christmas decorations. The sooner you spend it, the sooner you’ll start to stress out about living through a long January on mere cents.
- Always give thought to emergencies which may pop up. Leave room in your budget for those spur of the moment things that could come your way in January.
- Setup alarms on your phone that remind you days in advance of your bill due date.
- Write due dates for your bills on your calendar.
- If you plan to use your credit card, ensure your bank account has at least 90 percent of the purchase total in available cash.
- Aim to settle your credit card bill on time and in full.
- At the beginning of December, make a list of your responsibilities and prioritize them.
- Determine how much of your earnings to dedicate to each priority.
- Put aside the amounts decided upon.
- Whatever you’re left with after these priorities is what you can use for holiday spending.
A little bit of discipline and a lot of focus on what’s most important to you is all it really takes. Focus on getting your priorities taken care of before you take the holiday spending plunge. It will make your holiday much more cheerful and much less stressful come January.