Around the end of October, I start to notice that advertising for the holiday season comes out on billboards, on the radio and on TV and it's all about how and where to buy buy buy - no surprise there.
We all know that the holiday season is one of the toughest times to stay disciplined with your personal finances but it is very doable and I'm going to share a few tips on how you can stay on track with your finances, before the season gets into full swing.
1. Make a list of all the people you intend to purchase gifts for and the type of gifts to buy
Creating a list will help you determine how many people you need to purchase gifts for and also help you determine how much you'll need to cover the costs of buying these gifts. The list will also allow you to put some thought into your gift giving this way you can buy gift that are actually meaningful and cost friendly.
2. Create a game plan for the upcoming sales
Holiday season also means sales season, and the sales that go on this time of year, especially after Thanksgiving and after Christmas are usually really big. To avoid buying mindlessly, go through your closet and see what gaps you need to fill and make a list of what you want to buy. You should also plan to buy your holiday gifts in the sales as well - you can find some great bargains.
3. Create a holiday spending plan and build it into your existing budget
Once you know what you need to buy, you can create an overall budget on how much you can afford to spend without impacting your current money goals and you can set a cap on how much to spend on each gift.
4. Create a separate holiday spending account
Setting up an account will help control how much you spend. You can start making deposits right now and move your holiday spending money into this account. Once it's tapped out, you shouldn't dip into any other savings accounts you have. Plan out the funds in this account accordingly based on the lists you've already made and stick to it.
What other plans are you making to keep your spending in check this holiday season?
Bola Onada Sokunbi