Five ways to keep your budget in check this holiday season
More than any other holiday, the festive season places financial pressure on our budgets. This year will be a real challenge considering inflation and interest rate rises.
Here are five ways to keep our budgets in check this holiday season:
- Presents: Consider gift exchanges where you are only responsible for one gift for one family member. If this is not an option with your family, make some meaningful gifts instead of buying.
- Food: Food is often at the top of the list for holiday spending. Prepare a food budget before the holiday begins and stick to it. A food budget will prevent you from overspending on food.
- Reconsider travel plans: Travelling during the biggest holiday of the year can cost you up to 5 times as much. Stay home this Christmas and relax. Rebook your holiday outside of the festive season and save your budget.
- Give the gift of a charity donation that you can later write off on your tax bill.
- Keep track of all your expenses this year, divide the final dollar value by 12, and deposit the amount monthly into a high-interest savings account. Next year, you’ll have the same amount to spend and an additional Christmas bonus, compound interest.