Budgeting Your Money While Enjoying the Holidays

With the holidays coming up, there are parties and get-togethers scheduled on your already tight calendar. As much as this is a season for giving, it’s also the time when people are most broke. If you’re planning on throwing a party over the holidays, you’ll spend less if you time it before or after the three main meals of the day. Consider the schedules and eating habits of your guest list. Make sure you plan around your meals if you don’t intend on offering a full-fledged meal. Host a brunch or afternoon tea party, for instance.

As for giving presents, you always want to make sure that your friends know that you’ve put some thought into them. And after the thrill of the free stuff wears off, people sometimes realize that they still don’t have what they want. When you shop for gifts, you make mindless decisions on what to buy, and focus on handing out pretty, gift-wrapped boxes than giving actual gifts. The solution would entail making a list and put some thought into your gift recipients so you can actually give them something that they love. Also, assign a specific price range for every person you have on that list. This way, your gift choices are narrowed down. Plus, you’ll be forced to think of alternative gift ideas that might even lead to a new hobby. Remember, presents don’t have to be something you buy at the mall. It’s true when they say that it’s actually the thought that counts.

Take advantage of holiday offers. While months ending in ‘ber’ mark the beginning of the yuletide season countdown for many of you, this also means one thing for retailers: a new collection for the new season. So, most stores mark down the prices of their old stocks to give way to new styles. Start your shopping by taking advantage of these cool offers. Also, sign up with sites that alert you every time a good deal in town is spotted.

This is also the time where you should give your ATM some rest. Refrain from swiping away whenever you get the urge to buy that fabulous new find. It takes a lot of willpower to do this because people naturally just want everything they desire. It might help if you don’t keep too much of your money in it to begin with. What you should have in there should be enough to service your daily needs. This way, you won’t get tempted to splurge on impulse or spur-of-the-moment purchases. Money for medium and long-term needs should be placed in time deposits or other forms of investments. And when shopping in another country, keep two wallets to make handling money a lot easier. Once can hold the currency of the country you’re vacationing in, while the other can hold your emergency stash in case you do run out or unwittingly exceed your budget. You can leave this at your hotel’s safety deposit box. Not only is this more convenient, but it allows you to budget your shopping money.



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