Enjoy Your Holidays with These 6 Budgeting Tips!
Do you have your budget ready for the holiday season? It's best to have one so you know exactly how much you can afford to spend on everything on your list. And don't forget to refer to your budget often to make sure you’re staying within its limits with these budget tips:
Set a Spending Limit. The first step in setting up your holiday budget is to figure out how much you can afford to spend in total. Now, your challenge is to fit all your spending within that limit.
List Expenses. Once you know how much you have to spend, the next step is to figure out what you need to spend it on. Write out a list of everything you’re likely to buy.
Set Priorities. If there’s no way you can afford to cover every single item with the amount you have to work with, that just means you need to set some priorities.
Allocate Funds. Now it’s time for the nuts and bolts of budgeting: figuring out how much money to put toward each item on your list. Examine your list once more to estimate how much you plan to spend on each item.
Adjust the Numbers. When you add up all the amounts you’ve allotted for all the items on your list, there’s a chance the total will come to more than the spending limit you set back in step 1. If that happens, play with the numbers to get your budget to balance.
Keep Track. You still need to keep track of your spending as you shop to ensure you stay within its limits. By keeping a running tally of how much you’ve spent in each category and how much you still have left to spend, you won’t risk blowing through your entire budget in one shopping trip.
Once the holidays are over, re-check your budget and see how well you managed to stick to it! What other strategies do you use to save money during the holiday season?
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