Keep the Cheer, Cut the Stress—Plan Your Holiday Budget

Does the upcoming holiday season have you stressed? From family gatherings to travel arrangements to purchasing gifts…the holidays can be an overwhelming time for most people, including how you’re going to pay for it all! Even though the season comes at the same time each year, holiday spending always seems to surprise our wallets! However, planning accordingly by creating a holiday budget can turn a surprise into an anticipated cost. Here are a few expenses to keep in mind when creating your holiday budget wish list this year!

1) Purchasing Gifts
This expense can be one of the largest during the holidays. Make a “nice” list of who you will be buying for, along with a dollar amount you’re comfortable spending on each person. Don’t forget to include any supplies you’d need for wrapping, as well as any shipping costs, should you need to mail gifts to your loved ones!

2) Travel Arrangements
Whether traveling by car or plane, be sure to budget for various travel expenses such as gas, baggage fees, plane tickets, and any other travel costs associated with your trip. Also, if you have a pet, be sure to include any boarding or pet sitter costs.

3) Groceries
If you enjoy hosting your loved ones for the holidays, you can anticipate having a higher grocery bill. Plan your menu in advance, so you can prepare for the additional cost. Also, if you enjoy baking lots of yummy holiday treats, you will want to factor in the cost of ingredients and supplies.

4) Giving Back
The holidays aren’t just a time for us to give to our loved ones! Feel free to budget a dollar amount you’re comfortable with that can be donated to a family in need, a local charity, or even a Salvation Army bell ringer outside your local supermarket. Giving back to our communities is an area on our list we should all be happy to budget for!

5) Other Miscellaneous Expenses
This category may include miscellaneous holiday expenses such as Christmas decorations, matching Christmas sweaters, or any other purchase that is not a necessity. Allow yourself an appropriate miscellaneous expense for unexpected circumstances or just fun money around the holidays!

Don’t stress over breaking the bank this season! If you follow these simple budgeting tips, you can keep yourself and your wallet happy. For more budgeting tips, contact your local branch!