Does Your Holiday Budget Have a Blind Spot?
Think you've figured out how much you can spend on Christmas gifts? You might be overlooking something.
When planning holiday spending, most of us think about presents first. But Thanksgiving dinner, family gatherings, travel, decorations, and even shipping costs can take a surprising bite out of our available money.
Try Budgeting Backward!
Instead of starting with your gift list, try this simple three-step approach:
-
Start with your total. Decide how much money you can comfortably spend on the entire holiday season.
-
Subtract the extras. Estimate Thanksgiving meals, travel, entertaining, decorations, and other non-gift expenses.
-
Find your gift budget. What's left is what you can realistically spend on presents—without dipping into money needed for other priorities.
Here's Your Money Minute:
Don't let your gift list determine your holiday budget. Let your holiday budget determine your gift list!
Need a little help planning? Downriver CU's Holiday Budget Calculator can help you organize your expenses and see where your money will go.
And if you're considering borrowing to cover holiday expenses, explore our Holiday Loan to see whether it fits your budget.
« Return to "Blog"
