Why Christmas Isn’t Worth Breaking The Budget Over…

Happy Holidays, And May Your Budget Survive The Holiday Season…

Avoid Overspending This ChristmasChristmas is in the air…Christmas songs are playing on the radio, lights are up on houses, and in many families their homes are now decked out with Christmas trees and other signs of the season.  For the majority of families, this also means a slew of holiday parties, and gift buying that can seriously throw off the household budget.  Many individuals spend so much on the holidays and rack up a credit bill that’s so high, they’re still paying it off come summertime.

However, there is no real reason why the holiday season has to leave you in such dire straits financially.  By taking specific measures to protect your budget you can save yourself a tremendous headache when the credit card bills start rolling in.

Follow these Tips For A Merry Christmas, and An Even Happier New Year Budget Plan

Create and Stick With A Budget This Christmas

Half the battle with holiday spending occurs when people go on a spending spree without first taking the time to determine the available money they have to go towards holiday shopping.  If you were to first take the time to draw up a budget and determine what you have available to spend on Christmas, it makes it much simpler to stay within your means.  Your gift budget should never be so high that it jeopardizes your other financial obligations.  Going to the mall with a huge credit limit and no specific parameters is generally a terrible financial idea.

Budget Together With Your Spouse

If you are an avid Disney lover, you may remember the phrase from Robin Hood where the Sherriff Of Nottingham sad:  “The family that stays together, pays together”.   The good old Sherriff got a lot of things wrong in that movie, but looking at finances together as a family unit is always a wise plan.  A recent survey indicates that more than 1 in 10 married couples finds a way to hide their holiday spending from their spouse.  Not only is this bad for the pocketbook when the bills start rolling in come January, it also doesn’t bode well for the structure and communication in their relationship.  The accountability that sharing a mutual budget offers, is absolutely priceless.

Say No To RED This Christmas

Red and green are traditional Christmas colors, but going in the red for Christmas spending isn’t exactly synonymous with having holiday spirit.  According to a survey conducted by the National Retail Federation, nearly 30% of consumers plan to use plastic for holiday gifts and spending.  By doing this, you’ll end up paying more for those gifts than they are worth, while also putting unnecessary strain on your finances.

Plan Ahead And Save Early For The Holidays

The one thing about Christmas that’s always certain, is that it comes around every single year on December 25th.  Thus, this mad dash scramble and financial explosion that occurs in December is very unnecessary.  A little foresight and planning that involves setting aside a little money out of each paycheck for a few months, goes a long ways towards protecting your budget during the month of December.

Go For Meaning Not Expense With Your Holiday Gifts

A good gift doesn’t always equal huge dollar signs and ticket prices. On the contrary, sometimes the most meaningful gifts are something sweet that you have made rather than the flashy store bought gifts.

As was already mentioned, holiday spending can be such a negative for your finances, that it may be time to examine your spending habits and discover ways to stay in the black this Christmas.  For more information on how to get a handle on your spending this Christmas, speak to a Redawk Wealth Advisor near you today.

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