Advice from the Bank on Budgeting for the Holidays

Note: The following advice is provided courtesy of Bank of Colorado. With the holidays, and holiday spending season, upon us, I felt it was advice worth passing along. The more sanity we can inject into the process and the better we can do in keeping our spending under control the more we’ll be able to truly enjoy the spirit of the holiday and the company of family and friends. 

Budgeting for the Holidays

The key to successful holiday shopping involves an effective budgeting plan. With a budget, you avoid impulse buys and help keep your holiday spending in check. Here are some tips to follow:

  1. Follow a plan to keep holiday spending sane and sereneMake a spending plan and stick to it – Set a dollar amount for each person on your list.
  2. Track your spending – Write down what you spend or download a mobile app that will help you keep track. (Note: both the Google Play store and Apple App Store provide any number of great apps that can help you record and track expenses on the fly. But, if you’re a low-tech kind of guy/gal then keeping a pen and a couple of 3×5 cards in your coat pocket may be all the technology you need to keep your expenses in line.)
  3. Shop with a list – Know what you’re looking for before you walk into a store.
  4. Shop early – By shopping early you have more time to find a good deal.
  5. Be an educated consumer – Do your research, especially on larger ticket items.
  6. Use credit cards judiciously – Using your debit card or cash will help you to stick to your budget.

Thanks to the bank for some great tips. Like any good advice, it’s simple, not complicated. You need to execute in order to fully enjoy the fruits of the season.

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