Prepare for the Holidays With These 4 Budgeting Tips Everyone Can Follow
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It should come as no surprise that the holidays are one of the most profitable times of the year for many businesses. However, with each American planning to spend $1,000 or more on holiday-related expenses, the holidays are easily the most expensive season for families. Hoping to cut back on spending during the holidays? Consider the following budgeting tips.
Buy Gifts Earlier in the Year
Though many people don’t think about getting gifts during the other months of the year, once the holiday season hits, it may seem impossible to find reasonably priced gifts. Many retail stores markup otherwise affordable items with ridiculous holiday pricing. Families that are hoping to cut costs during the holidays should consider buying their gifts well in advance.
Shopping for hot-ticket holiday items during the off-season will give families the best prices for the most sought-after presents. Even if they are purchased several months early, these gifts will mean just as much to excited friends and family.
Don’t Go Overboard with Entertainment Expenses
The holidays bring us all together. Family and friends often go out to eat, visit theme parks, or partake in other holiday-themed entertainment activities to spend quality time together. Before heading out to spend time with loved ones, holiday savers should make sure each outing fits in with their budget.
Experts suggest having an allotted amount of cash set aside for holiday entertainment. This way, families are able to easily keep track of where their money goes rather than charging everything to their credit cards.
Work with a Financial Planner
Families that really go all out for the holidays need to spend some extra time managing their finances to make sure everything goes as planned. For example, before investing hundreds of dollars in holiday lights for the home, work with a financial business planner to create a holiday financial plan. With a solid plan in place, families will be able to set reasonable holiday spending limits that they know they can follow.
Split Expenses with Family Members
Playing host to the majority of your family this holiday season? While many families that head up the responsibility of holiday host assume that they should handle all the related expenses, this doesn’t need to be the case. Many families split holiday expenses amongst each other for joint activities or meals. By splitting the costs of this family fun during the holidays, you’ll be able to limit your spending and save as much as possible.
Don’t let the holidays take a huge toll on your finances this year. Keep these four tips in mind to make sure you are fiscally responsible this upcoming holiday season.
Meghan Belnap is a freelance writer who enjoys spending time with her family. She loves being in the outdoors and exploring new opportunities whenever they arise. Meghan finds happiness in researching new topics that help to expand her horizons. You can often find her buried in a good book or out looking for an adventure. You can connect with her on Facebook right here and Twitter right here.
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