How To Budget Now To Prepare For Holiday Spending
Who doesn’t love holidays? With the way the world has been in the past couple of years, we could all use extra cheer whenever we can. Even holiday spending can seem enjoyable after this tough couple of years.
But while all holidays are a joyous occasion, the post-holiday period can often be a tad gloomy – especially for our wallets and bank accounts. This is mostly due to exuberant holiday spending putting unnecessary financial strain on people.
Look, we understand that sometimes people need to let loose and not stress about spending, especially on holidays. But uncontrolled holiday spending is more trouble than it’s worth – especially when it can easily be taken under control with a bit of pre-planning.
Set up a budget for holiday expenses before the season fully rolls in, and you’ll have nothing to worry about in the long run. And it’s really easy, too! Here’s what you should do if you want to budget for holiday spending.
Get That Holiday Budget In Shape With These Tips
1. Write Down Everything You’re Planning To Spend On
Make a comprehensive list of your holiday spending. What will you need to make the holidays unforgettable? Write everything down so that you can go through the expenses in an organized manner, instead of panicking at the last moment and spending money on a bunch of stuff you don’t even need.
2. Carefully Inspect Your Budget And Re-Adjust Accordingly
Based upon your expense list have an approximate estimate of your prospective holiday spending. Take a look at your budget. How much of it can be covered from a single paycheck comfortably, without putting mandatory expenses (think rent, utilities, groceries, etc.) into jeopardy?
If the amount you come up with isn’t enough, you have to adjust both your regular spending and your holiday spending accordingly, to balance the two and not have your finances go crazy after the holidays end.
Related Content: Why Not Pay Yourself? Learn How To Save
3. Create A Sinking Fund Plan
Balancing your spending will be much easier if you get started early and create a holiday sinking fund. This way you can put away a certain portion of your paycheck over several months, and use the fund during the holidays.
Even if the holidays are close, you can still create the sinking fund. Dividing holiday spending across, say, three paychecks is still easier than trying to cover it with just one. Any money you can set aside will benefit you later.
4. Keep An Eye Out For Sales
The earlier you start planning, the more chances you’ll be able to save. Whatever it is you need for holidays, always check for it during your shopping trips – or when browsing e-commerce websites.
You can also look for after-holiday sales to get a jump for next year. Maybe you’ll get lucky and stumble upon lucrative deals before the season hits and supply-and-demand law drives the prices up.
5. Know When To Settle
Settle for cheaper alternatives or cut certain less necessary expenses from your holiday list when possible if you really want to prepare for holiday spending. It might not be your dream holiday, but it’s better than busting your budget or having trouble covering your expenses after the holidays.
You can get cheaper candy, DIY (some of) the decorations, thrift for gifts, and so on. And who knows, maybe your cheaper alternative will be as good or even better than what you’d originally planned for.
What To Do If Holiday Spending Gets Out Of Hand
Try as one may, sometimes there are unexpected expenses, especially during the holiday season. And when the dust is settled, you may find yourself with an empty wallet and important bills to cover. Just remember, emergencies and expenses don’t take breaks just because it is the holidays and you’ve spent all your money.
If you have an emergency fund, now would be the time to dive into it. If not, try asking for a payroll advance at work, working overtime, or taking on a side-hustle. And if you need a few hundred bucks on really short notice, you may want to look into Mississippi payday loans.
How To Get Mississippi Payday Loans
Mississippi payday loans are a quick and accessible option for those who need cash quickly and are in between paychecks at work. We here at Mississippi Title Loans, Inc. have a simple requirement list and are open to everyone, regardless of their credit or income situation. You can qualify even if you’re unemployed or have bad credit – as long as your qualifying items are up to par. You will need to bring in:
- Government-issued photo ID proving you’re over 18;
- Proof of income – preferably (but not always) your most recent pay stub;
- A blank check from an active checking account in your name.
If everything’s in order, you just need to fill out the form you’ll find on our website to get started. When the form gets processed, a loan representative will give you a call and provide further instructions.
Take the required items to the nearest location, which you can find by searching for 'Mississippi payday loan places near me’ on our website. When you arrive the representative will assess your items to determine if you qualify and for how much. With Mississippi payday loans, you can get up to $400! All it takes to get started is submitting a short form on our website!
Get Your Budget In Check To Have A Great Holidays
While budgeting may be the last thing you want to think about during the holidays, it plays an important part in making sure you have a great time. Use these tips to make sure your budget looks good when it comes time for holiday spending. And if you decide Mississippi payday loans could help you through an emergency, fill out our online form now to get started.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.