Terry Zavitz

Terry Zavitz

 

The holiday season is soon upon us, typically a time for family, friends and giving. While it is a “glorious time of the year”, it is easy to get caught up in the joy of giving to the point that the end of January is a miserable time. The reality of extra expenditures is apparent when the credit card bill comes in and the bank account is at a low point. You can avoid this ugly situation by taking a few simple steps:

  1. Decide on the maximum amount of money you are willing or able to spend. Make a list of family and friends you are giving to and allocate an
    Christmas Stress

    Christmas Stress

     amount to each person so that the total adds up to 80% – 90% of the total amount.
  2. Stick to this holiday budget and avoid impulse buying.
  3. If unexpected gifts are needed or there are expenses not planned for, you have 10%-20% of the total budget to draw on.
  4. Be detailed…the more, the better
  5. If it helps, download an app to assist you. One such app is called “My Christmas Budget”

Avoid the slippery slope of overspending during the holiday season. It takes discipline and dedication but the end result is a truly Happy New  Year!