Hello, beautiful people from across the lands! The holidays are soon approaching and the worst thing to do is not budget for it. It is better to have a plan and not all the crazy of holiday spending place you in a downward spiral in your finances. Around this time of year, depression is at an all-time high and of those contributing factors are finances. In this post, I will provide a holiday budget checklist to help you get ahead of that financial stress and truly enjoy the season. Let’s rock!
Budget
I will never steer away reiterating the importance of a budget. It has been such a game-changer in my life in more ways than one. Having a budget in place for the holidays will serve as a guide and stress protector in a sense. When you budget you know your numbers. Meaning you know what is coming in, out, and what is leftover. Specifically for the holidays, you want to set a feasible spending amount on gifts. Without having a budget in place you are more likely to overspend.
Cash Envelope System
The cash envelope system will help you stick to the budget you set. Create an envelope specifically for the holidays and label it. Whatever you’ve budgeted for gifts goes in this envelope. Once the cash is spent that’s it! No more spending. Doing this helps create a higher sense of awareness of your spending versus just swiping your card.
Spend SMART
Spending SMART is an acronym I’ve come up with that is similar to goal planning. Spending SMART means to spend less, make a plan, account every dollar, revisit & revise, take consistent action. Keep this acronym in mind as you are working out your spending plan for the holidays. To learn more about this method read it here.
Side Hustle
Last but not least consider adding a side hustle to the mix for extra cash. We are living in unique times where there are many ways to make money outside of your normal 9-5. Whether it be delivering food or Amazon packages there is money to be made.
Action Steps to Take NOW
1st Step: Review your budget, if you do not have one download this free template to get started
2nd Step: Identity how much money you would like to dedicate for holiday shopping (DO NOT spend over this amount)
3rd Step: Research side hustle you can do to gain the money you identified for gifts
Conclusion
The holiday season tends to be very stressful for many financially. For you that does not have to be the case. Putting a plan in place now will help you get ahead setting healthy money boundaries. Start with a budget before you look at any gifts.
Utilize the cash envelope system to help prevent you from spending over. Spend SMART and do not allow the impulsivity of holiday shopping to get the best of you. Last but least add some extra income in the mix. Identifying a side hustle to bring in extra cash to pay for gifts will help you stay within your budget. I hope you found these tips helpful.
Until next time dream, believe, and achieve.
What ways are you preparing financially for the holidays?
