How to Create (AND STICK TO) a Holiday Budget

Posted on: in [ Budgeting ]

Last week, we covered the topic of gift giving on a budget, but as most of you know, there are more expenses associated with the holidays than just gift giving.  To help ease your mind and keep you on track this holiday season, we recommend creating an entire budget just for holiday spending.  The team at State Bank has come up with a few simple steps to creating (and sticking to) your own holiday budget.

What you’ll need:

Step 1: Set Your Limit

If you already have a monthly budget established, you can easily determine what your holiday spending limit is.  If you don’t regularly budget, you’ll need to write down your monthly income, your monthly expenses and the amount saved that you will dedicate to holiday spending.

Step 2: Divide and Conquer

Separate your budget into holiday spending sections.  This will include the holiday feasts, gift giving, holiday decorations and more.  After creating holiday spending sections, set your spending limit for each of these areas.

Step 3: Track Everything

Once you start spending, you’ll want to keep track of every receipt and update your budget with actual spending.  You’ll also want to keep track of how much funding you have left in every area. 

Step 4: Over Under Adjustments

If you go over the limit in one area, adjust by cutting back in another area.  However, don’t become too relaxed in adjusting because the more you save in areas of holiday spending the better.

We hope this has helped eased your mind and will help you control your holiday spending.  If you have questions about how to setup your monthly budget or need advice on your personal finances, the team at State Bank would be happy to help! 

Close

Are you having trouble finding what you are looking for?