Weekly Money Saver: Creating a Realistic Holiday Budget

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Holiday shopping season is in full swing, and it can be tempting to put items on your credit card that you can’t really afford: that LBD for your best friend’s holiday party, that pricey watch for your hubby, the cozy little hoodie your dog just has to have. But a charge here and there that you can’t pay off right away can quickly add up. Read on to avoid getting into debt.

Today’s Tip: According to Learn Vest, 30 percent of your take-home pay should go to lifestyle expenses such as entertainment and hobbies. To avoid overspending during the holidays, factor in all of your holiday-related spending into this portion of your budget (think gifts, travel, and parties). If what you plan to spend exceeds this part of your budget, look for other ways to cut back to make up for the difference. You might, for example, think about spending less at the grocery store. Or perhaps ordering take-out every other week instead of weekly.

How do you plan to stick to your budget over the holidays? Share your suggestions with us!


More Must-Clicks:

4 Steps to Budgeting for the Holidays
Best Holiday Gifts for Under $25
Easy Ways to Save $1,000