The leaves are changing color, the wind is a little crisper and the pumpkin flavored everything is now available for sale. The holiday season is upon us. With every season comes an opportunity for you to lose sight of what you’ve done towards reaching your financial goals. There will be exceptional bargains and incredible sales calling out to you. The concepts of wants and needs will get twisted until you don’t recognize either. It will be a true testament of your will to make it to the end of a holiday season without breaking the bank.
Giving requires sacrifice and so does budgeting. Both take extra effort. The payoff, however, is well worth it. Gift giving can be expensive thus it’s wise to consider the price of items as you shop around. It is essential to create a budget plan that is easier to follow than a northern star. Budgeting for the holidays is an excellent opportunity to a clearer path for a merry Christmas and a joyous financial future.
The meaning of the holidays is about gratefulness and giving. Financial planning does not mean you should not lift a few spirits or warm the hearts of others with your generosity. Planning ahead will allow you to be vigilant about your goals. We all think that we can do things without any sort of directions. When it comes it comes to financial stability we must create a plan for what we want to do with our money. This year do not let procrastination steal your ability to bring joy to the world. Put a plan in place.
Limits and Boundaries
A wise man once said, “If you stand on nothing, then you will fall for anything.” This quote ring remains true today as when it was said. A budget plan is the foundation of financial freedom. Much like a house, it is necessary to have a foundation to start from. The best foundation would be a working budget. It will allow you to stand firm on the limits you set for yourself. Without creating one, your financial hopes will collapse. (See also: Why Not Having a Budget Plan Can Hurt You)
Before you start decking the halls and signing up for white elephant parties, have a plan of how much money you would like to spend this holiday season. A budget will give you a clear picture of what you would like to set aside to buy gifts for your family and friends. You can plan how much you would be able to donate to your favorite charity. You can also decide which parties you can attend and still have fun while on a budget.
During the holidays we often have a narrow focus. We buy and we give and give and give. When we only think about our money at the moment, we will only encounter pleasure for the short-term. This sort of behavior pulls us away from many of the significant goals we want to achieve.
During the holidays the impulse purchases are everywhere. The aroma of holiday cookies and pumpkin flavored coffees is in the air. Donation boxes for anything you can think of at every register you come across. Many of us are unaware of how fast all this can add up. Before you know it, you’ve spent a considerable amount of money and often times you won’t remember how you’ve come to do so. A budget plan keeps you accountable. Spending without structure or a strategy will undo any progress you’ve made toward financial gain. (See also: Key To Achieving Financial Independence Is You)
Whether shopping for the holiday dinner or the secret Santa party you have been nudged into joining, be able to control your spending. Remain faithful and accountable for your future goals. Know precisely how much money you’re going to spend on purchases and not a penny more. Be sure that buying that ugly sweater for Cheryl in accounting or that clown tie for Milton in HR will not impact your goals for the upcoming year. You have the final say of how much you can spend. Not only will you have a pleasant Christmas, but also those who received a special gift from you.
Peace of Mind
Overspending is very common during the holidays. The spirit of giving and splurging seems to take over our willpower. Our thoughts become consumed with the need to give at all cost, or rather, no matter the cost. This is avoidable with financial planning. Budgeting and saving will allow you to freely bring holiday joy to the world around you to come true. This will also save you from the remorse you feel when you cannot buy a gift for a special someone in your life. One of the worse things about not saving money is feeling bad for not saving money. Saving will bring you peace of mind which is often the best gift after a very active holiday season.
Hope can move mountains, inspire greatness and create amazing wonders. What hope can’t do is buy things. When it comes to your finances, you can’t hope things work out or balance at the end of the month. You have to take a proactive stance when it comes to your money. Hoping you will be able to afford something is not going to make it a reality. Planning for and how can; nothing else.
Budgeting and saving give direction on how to use your money as a tool to reach your financial goals. You don’t have to put X amount of money away in a savings account for the sake of saving it. Create specific, attainable goals in your budget plan such as a weekend getaway, tickets to a concert or a purchase from your wants list. When you create a focus for your money and your goals it will allow you to move straight towards them. It’s easier to save with something in mind. (See also: Building A Positive Mindset Around Money)
Create Your Holiday Budget
An easy way to start and keep your financial goals and follow your budget is by getting help. BudgetPolitan can help you keep your eyes on the presents while you shop this holiday season. You can use BudgetPolitan’s dynamic easy to follow budget plans to reach true financial freedom and holiday bliss. You’ll be able to track your finances and pay off all types of your debt. You call also learn about any financial trouble before it hits. Sign-up for free today.