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4 Tips to Manage Your Money this Holiday Season | Business

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4 Tips to Manage Your Money this Holiday Season
4 Tips to Manage Your Money this Holiday Season

4 Tips to Manage Your Money this Holiday Season   

By Michael Lee

The holiday season is here. Busy calendars are already filling up with festive activities, celebrations and gatherings of families and friends. 

Improved economic conditions are expected to increase consumer spending. A recent national report shows that holiday shoppers plan to spend $1,440 for holiday expenses, and yet less than half plan to stick to a budget for holiday spending.[1]

‘Tis the season to shop and spend, but before you swipe that credit card—there are a few budgeting tips individuals and families should consider to ensure they manage their finances during the holiday rush.  

·         Create a budget. Identify and establish spending priorities and categories (gifts, decorations, entertainment, home furnishing, miscellaneous, etc.).

1.       Determine your total holiday budget.

2.       Identify a budget for each category. 

3.       Reference your budget before and after purchases.  

·         Use cash when possible. When you swipe a debit or credit card, do you really feel you’re spending money? Using cash makes you more aware of the money you’re investing during your holiday shopping.  

·         Create a shopping plan. Browsing is always enjoyable, but having a game plan before entering the shopping mall will help you stay on track. Spend time before traveling to stores to consider the gifts you would like to give. Reference your budget before leaving, and always make a list.   

·         Write everything down. Use a notebook, your smart phone or laptop to document purchases.

It’s easy to forget how much you have spent during the gift-giving season. 

For additional holiday budget tips, check out our budgeting video at: https://www.golden1.com/AchieveGoals

Michael D. Lee, CPA, PFS, Financial Education Manager, Golden 1 Credit Union

[1] Deloitte University Press, “Deloitte's 2015 Holiday Survey,” http://dupress.com/articles/holiday-retail-sales-consumer-survey/?id=us:...

 

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