Get Ahead with Holiday Budget Prep
Labor Day has passed, football season is in full swing, and the scent of pumpkin spice is all around.
Which means before you know it, the holidays will be here.
While it’s been dubbed the most wonderful time of the year, it can also be the most expensive. Equal parts exciting and exhausting, big holiday plans are undeniably made easier with budget prep.
When you plan ahead, there’s no need to stress about holiday spending.
At Origin Bank, we know gift-giving, holiday parties, and traveling to visit loved ones can add up quickly. We’re here to ease your financial worries with tips to help you spend wisely so you and your family can enjoy the festivities.
1. Create a holiday-specific budget
One of the most important things you can do to keep holiday spending under control is to create a budget dedicated to seasonal expenses. Be sure to include everything you’ll spend money on, like decorations, gifts, and holiday travel, as well as incidentals like shipping costs, party planning, and meal preparations. Take advantage of resources like Origin's Personal Financial Management tool to create your budget and track your expenditures so you know they align with your spending goals.
2. Make a gift list, check it twice
Create a list of everyone you plan to buy gifts for and how much you plan to spend on each person. Next, take a long look at your list and make cuts to stay within your budget. It’s not about who’s been naughty or nice, but rather who you feel should be the priority for receiving holiday gifts.
For example, it might not be in your budget to buy a gift for everyone at the office. Instead, you can bring a seasonal, shareable treat to spread holiday cheer without breaking the bank.
3. Gifts from the heart
Who says gifts for your loved ones have to be big purchases? Homemade gifts like cookies, keepsake albums, and custom baskets with all the ingredients to accompany your favorite recipe are just a few ideas for fun, inexpensive, and heartfelt gifts. Or you can host an experience for a group of friends or family, like an at-home wine tasting or holiday-themed game night, creating memories that last a lifetime.
4. Save on grocery shopping
Holiday feasts can be pricey. Whether you’re shopping for Thanksgiving turkey or December desserts, make sure you’re getting the best deal. Make a meal plan ahead of time, and take the time to compare prices at different stores. You may be surprised how much you can save by shopping around.
Additionally, keep your eyes peeled for coupons. Many grocery store apps now offer digital coupons. And as always, there are physical coupons available in the Sunday newspaper.
Hit up sales, use those vouchers, and start saving!
5. Shop sustainably
Another way to save money and help the planet is to shop secondhand. With so many online marketplaces selling one-of-a-kind vintage items and throwback keepsakes, you can find a memorable gift for a fraction of the cost of new items. You can also check out consignment and thrift stores in your area to find more great deals on unique–even luxury–items for a steal.
Give yourself the gift of peace of mind and set up a dedicated savings account now, like Origin's Simple Savings account, for the upcoming holiday season. By preparing yourself financially for the holiday rush, you’ll be better equipped to avoid seasonal stressors.
For more financial tips from Origin’s team of trusted advisors, please visit our online blogs for more valuable information.