Budgeting for the Holidays
When we imagine the holidays, we think of all the glowing festivities ahead of us. We can’t wait to see loved ones, to enjoy delicious meals and exchange gifts. What we don’t always think about is the cost, at least, not until it’s too late and we’ve spent a pretty penny. And while the holidays may seem like a long way off in September, it’s actually the perfect time to start planning ahead so you don’t end up overspending. Let’s look at some essential ways you can set yourself up for financial success this holiday season.
Cover All Your Bases
When preparing your holiday budget, make sure you cover everything, not just gifts. This means totalling up anything that will incur cost, including travel, food, gift wrapping and shipping for gift packages. That way, you will have an accurate estimate of what you’ll be spending and you can put aside the funds for that.
Make a Gift List
Once you’ve outlined an overall budget, you can sit down and think about what you’ll spend on individual gifts. Write out a list of people you’ll be buying for and then an amount you’ll spend on each person. This will free you from having to worry about overspending so you can focus on the quality of the presents you’ll be getting.
Plan Your Shopping
After you’ve made a gift list and budget, it’s a good idea to plan ahead with your shopping. Don’t wait until the last minute to purchase your holiday gifts. When you do that, you run the risk of straying from your budget and spending more than you’d anticipated. Plus, waiting means that popular gift items may be out of stock, which could also lead to overspending as you try to find alternatives.
Discover Alternative Gifts
Another way to help with your holiday budget is to explore unique gift options. Instead of purchasing items from the store, craft home-made gifts, make a charitable donation in a loved one’s name or plan a special outing with your friends and family. This way, you can trim your expenses a little while still investing in heartfelt gifts and creating meaningful memories that will last a lifetime.
Don’t Rely On a Credit Card
There’s always the possibility that you’ll need a little extra help with your holiday expenses. Instead of relying on a credit card, you might want to find a part-time, seasonal job to offset the cost of your spending. Alternatively, you can take out a personal loan to cover your seasonal expenses. Personal loans typically have lower interest rates than credit cards and include a set amount of payments, so you know when your balance will be paid off. This gives you financial peace of mind because you can pay for what you need without worrying about carrying long-term debt. If you’re curious about personal loans, contact Heights Finance today and we’ll be happy to answer any questions you might have.
Look Ahead with Heights
With a little preparation, you can enjoy all the wonder and magic of the holidays without having it set back your budget. And at Heights, we’re here to assist you every step of the way. Whether you need a personal loan to lend you a hand with holiday expenses or debt consolidation to combine your current bills into one simple monthly payment, we make the process quick and easy. So, stop by your local friendly branch today and see how far Heights can take you.