https://fonts.googleapis.com/css2?family=Montserrat:wght@400;500;700&display=swapstylesheettext/css

Budget Christmas: How to Make Sure You Stay On Track

  • Dec 14, 2019
  • By Miles Malferrari

#


Christmas is usually the time people decide to go big. Whether it’s throwing a party or buying that thing you’ve always wanted, money is one thing that tends to get thrown around a lot. That said, a good mix of peer pressure or mismanagement of funds can leave you down in a slump at the start of the next year. So let’s bring back the basics of money management while also saving room for that fancy Christmas dessert with our list of tips on how to stay on track this Christmas season.


#1 Planning Ahead the Right Way


The saying goes “don’t count your chickens before they hatch”, and the same is true for your Christmas budget. The first mistake people make is going head-on without a plan, and whoever doesn’t make that mistake usually goes with the first wrong solution: setting up a budget for “projected income”. The key here is to budget the way you usually would and only consider your spending money once it’s actually in your accounts instead of spending them before you receive them.


#2 Running a Cash Flow


Just like #1, only work with income as you get it. But more specifically, try doing a running balance of the cash at key points when you would be receiving your income. This way you’re prepared to make decisions on your spending since you’ll have a good idea of how much money you actually have at any given point.



#3 Make Room For Savings and Set a Spending Limit


A spending limit is critical to making sure you don’t exceed your actual and projected budget. Further to that, having savings in mind serves a dual purpose: first, you can continue to save into the next year, and; second, it can serve as a last-ditch contingency when some of your planned costs end up being more expensive than what you expected.


#4 A Priority Shopping List 


We all have a wishlist, but not everything on the list might be achievable in one go. It’s good to decide ahead on which things are more important to you to include in your budget first and set up a hierarchy in cases where some items may be unavailable.


#5 Promos and Discounts


Christmas doesn’t always have to be about spending really big on stuff. Trying to find good deals can help maximize your budget and make for a happier Christmas. Besides looking for major sales in malls, it’s also worth considering online sales or apps from the various brands for your wishlist items. Some deals will be better than others.


There you have it, some great ways to stay in budget during and after the Christmas season. Happy holidays, fam!




Related Articles



SSS Registration 101
SSS Registration 101
Feb 23, 2020
  • BY Miles Malferrari
  • The country’s Social Security System (or SSS) protects the welfare of employees and workers, ensuring we get benefits...
    TIN Registration 101
    TIN Registration 101
    Feb 21, 2020
  • BY Miles Malferrari
  • The difference between a sole proprietor and a freelancer is the sole proprietor offers goods while the freelancer/pr...
    What to Gift Your Clients for the Holidays
    What to Gift Your Clients for the Holidays
    Dec 17, 2019
  • BY Miles Malferrari
  • The Christmas Season can be a tricky time from the lens of a professional. Unlike personal friends and family, the ac...
    Staying On Top of Your Mental Health During Quarantine
    Staying On Top of Your Mental Health During Quarantine
    Mar 25, 2020
  • BY Miles Malferrari
  • So while we’re stuck in this situation, let’s make the most out of it. Once we’ve checked out on our kitchen supplies...
    Financial Tips for the Saving Freelancer
    Financial Tips for the Saving Freelancer
    Oct 14, 2019
  • BY Miles Malferrari
  • 5 Home-Based Businesses You Can Start Today
    5 Home-Based Businesses You Can Start Today
    Jul 25, 2019
  • BY Miles Malferrari
  • Working from home sounds like everyone’s dream as compared to going through the traffic, weather, and crowded streets...