The last couple of months of the year often involves various expenses that can quickly add up. Holiday spending, traveling to visit family and friends, and purchasing other end-of-year items can feel overwhelming and can quickly put a damper on your holiday cheer. Keep your spirits high with a plan in place. Create a holiday budget that will help this season. Here are a few tips for creating a holiday budget:
List Your Holiday Expenses
Start with making a list of the items you plan to spend on this holiday season. Listing out items can help you better visualize where funds are being allotted to. This list can include:
- Gifts for family members, friends, coworkers, teachers, mail deliverers, neighbors, etc.
- Charitable giving and tips
- Travel or hosting accommodations
- Holiday food and party decorations
- Gift wrapping supplies and other fun items
- Holiday outings and attire
Allocate a spending limit per item listed
Now that you have your list in place, assign a budget ballpark number, or spending limit, per expense. Whatever your allotted number amount is for the expense, try to stick with that price limit to avoid overspending. Consider using a cash-only system for holiday spending. Creating and implementing holiday spending categories with their allotted spending amounts can help you stick to your holiday budget and stay on track this season.
Fund your budget and save early
Setting up a sinking fund can help you gradually save over time. Setting aside a bit of money for a specific purpose (such as the holidays) can help you be more prepared once you are ready to purchase a holiday expense, such as buying gifts for others.
Eastex Credit Union makes it easy to save. We have a variety of savings accounts to safely store your funds until you’re ready to use them for seasonal needs. Find out how we can help create a specific holiday savings account to keep your seasonal funds separate from regular savings!
Needing holiday help? Borrow wisely with Eastex Credit Union
When the holiday expenses add up more than you budgeted for, or if you’re not looking to deplete your savings, Eastex has the solution! We aim to help our members lighten their holiday stress with a Jingle Bell Loan. With up to 12 months of repayment, you can borrow up to $1,200 to get you through the season stress-free. Start your application process here. Happy Holidays from Eastex Credit Union!