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Holiday should be relaxing and if you worked hard to save for your vacation, there is no reason to go over your budget when you get there. The key to enjoying an affordable holiday season without regret is by creating a budget that will allow you to make the most of the money you have available and prevent you from overspending.
Here are 5 frugal tips to help you stick to your holiday budget this year;
- Create a List of Your Holiday Expenses: Take the time to really sort out the expenses you expect to make this holiday season. Doing this will give you a basic idea of things that you will need to pay for. This list of your holiday expenses may include traveling expenses, gifts, cards, gift exchanges at work, charitable donations, etc.
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Make a Budget and Take Every Expense into Account: After taking time to really sort out your holiday expenses, the next important thing is to budget accordingly. When you skip making a budget, you are most likely to find yourself spending more than you planned. Budgeting and saving may be hard, but with the right mindset and tools, you can achieve it.
- Set Priorities: Go through your list and number the items based on how important they are to you. Assign the number “1” to your top priority, number “2” to the next-highest priority, and so on. Then reorganize your list to put the highest-priority items at the top.
- Track Your Expenses: As you begin to purchase gifts and spend money, be sure to keep track on the things you spend your money on. Make use of tools to help you keep track of your spending within specific budget categories. By keeping track, you’ll be able to better visualize your budget and make any necessary adjustments when needed.
- Find Frugal Ways to Reduce Cost: for instance, when you’re holiday shopping, shopping online can save you lots of money. Keep your eyes on black Fridays and scout for deals online and in-stores. These sales can save you lots of money. Reviewing your list of expenses and the sales ahead of time can as well help you maximize your savings.
On a final note, find other ways to earn extra money to cover your holiday expenses and put aside money each month to cover your holiday or Christmas expenses. Sticking to a budget will make sure you have a great time during your vacation and after you get back.
