Even though I have posted about planning for a stress-free holiday, we haven’t yet touched on the topic of stressing less for the holidays by having a spending plan…it isn’t too late to mention it here. If you haven’t thought about your holiday budget yet here are some tips to build an easy system keep track of your holiday spending:
- Create a central location to collect all holiday related expenses. Decide if you will use a binder or a note book to track your spending. Place a plastic sleeve into your book or binder to store receipts.
- Categorize your expenses separately…one page for each category. Include things like gifts (for family, friends, co-workers, teachers, etc.), stocking stuffers, cards, gift wrap, postage (including out of town gift mailing costs), travel, groceries, clothing, donations, decorations and dining out.
- Determine your spending limits. Use last year’s expenses to help you determine this year’s budget. If you didn’t keep track, estimate what you think you will need in each category. Add up your projected costs and make adjustments if the number looks too high.
- Regularly keep track of expenses. Write things down as you shop. If you go over in one category, be prepared to make adjustments in another. Review your expenses weekly.
Including a holiday budget in your planning process can help you achieve a more stress resistant holiday season. So don’t get too caught up in the holiday spirit and avoid that potential financial hangover by planning ahead for holiday spending.