Source: Dumb Little Man
With Christmas and New Year just around the corner, you may now be expecting your wallet to empty up. You’re likely on a break from school or work and spending more time with your family and friends, going to different places to celebrate. Overspending during this time is typical, though not advisable.
If you’re guilty of any of these common financial blunders due to the holidays, then it’s time to learn some holiday budget tips.
Not keeping or sticking to a budget
Creating a budget is a necessity, whether it’s the holidays or beyond. When you have no means to guide and track your expenses, you can go over the line and spend on unnecessary or unplanned purchases, especially during occasions.
If you do have a budget, stick with it. There may be different factors and temptations along the way, such as a coveted item being on sale. But with a spending cap in mind, you can avoid impulse purchases.
Not planning for the holidays
You have 11 long months to prepare for Christmas, but you chose to cram all of your holiday expenses on your December salary. Unless you have a six-figure income, you’ll understandably fall short.
Avoid this mistake by planning your holiday. Know what you want to do, list down your projected expenses and amount, and save early on. It…
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