Budgeting for the Holidays

by Rich Piatt

Budgeting is a large enough challenge, but during the holidays additional strains to our personal expenses occur. In order to proactively manage expenses during the holidays consider the following suggestions. Build a separate budget just for the Holidays. This includes laying out expenditures for gifts, travel, meals, and entertainment. Often during the Thanksgiving and Christmas period the additional expenses associated with visiting family, purchasing gifts for family and friends, giving to areas in need, and the costs associated with entertaining guests are under-estimated. Laying out expenses beforehand allows one to prepare for these expenses and to manage them versus receiving surprises in the form of unexpected bills in January.

Also plan your giving beforehand. There are many organizations in need of funds during the Holidays. Unfortunately, none of us can afford to give as much as we would like to all of the deserving areas. Select both the organizations you would like to give to and lay out how much you can afford to give. Several organizations target the Holidays as their primary time to solicit donations.

In a statement, build a budget within a budget for the Holiday season. During this time of year there are many expenditures that do not occur during the other ten months of the year that need to be considered. Managing these expenditures will make for less stress and a more enjoyable time during this season of celebration.

If you would like budgeting tips please contact one of our credit advisors at 800-955-5765 or visit our website at www.consumercredit-dm.com.