Last week I set foot in one of my favorite places to shop and guess what I saw? Christmas decorations! It served as a good reminder that before I spend a penny on holiday expenses, I need to get my holiday spending plan in order. Last year shoppers spent over $800 on holiday shopping, and more than half of the shoppers surveyed purchased something for the most important person on their list…themselves!*
To start your holiday spending plan, write down all the expenses you expect to incur over the holidays. Base this year’s expenses on what you spent last holiday season. Here is a list to get you started:
- Gifts (family, friends, teachers, co-workers)
- Decorations (include tree!)
- Wrapping paper and gift bags
- Food (holiday parties, office parties, school parties)
- Self-gifting (did you see what I wrote above? Over half of us throw something in the cart for ourselves!)
- Travel (long car trips, flights)
- Holiday cards and family photos
- Shipping costs
- New holiday clothing
- Charitable giving
Use our Google Sheets Holiday Spending Plan template to set your budget.
And a tip for next year: In January, look back and see how much you spent on holiday related expenses. Take that amount, divide by 12 and start setting aside that amount in a savings account every single month. This time next year, you’ll be well prepared and ready to get through the holidays while staying in the black!
*National Retail Federation’s Holiday Spending Consumer Survey, 2015
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