We all love to spend money during the holidays. Between holiday parties, gifts for our families and friends and a little extra for those who provide services throughout the year, the holiday expenditures add up fast! While holiday expenses add up, it is a good time to remember some budget-friendly tips that can be used year-round:
- Set a monthly budget: Be reasonable in what to expect. If you set unreasonable goals, it will only create negative feelings when the goals are not met. Use a budget app on your phone to track how much you spend and on what.
- Credit Cards: Treat credit cards as you would a debit card. Only charge things that you know you have money in the bank to pay for. If you MUST use a credit card for items you cannot pay for immediately, make sure to pay off the highest interest rate cards first.
- Look for free ways to spend time with families during the holidays. Major cities have many free Christmas festivals and markets.
- Loyalty programs: Shop where there are loyalty programs available or easy-to-access coupons (like Target’s Cartwheel app, for example). A few dollars saved here and there can make a big difference in your bank balance.
What are some things that keep you on track during the holiday spending craze?
~Megan Mathers, J.D., Mathers Law
About Megan Mathers
Megan is an accountant and tax attorney with Mathers Law, a firm focused on providing accounting, tax, business advisory and legal services to the dental and medical communities. Megan earned her Bachelor's Degree in Accounting from Marquette University and her law degree from Loyola University Chicago School of Law. Megan's practice focuses on tax compliance, tax planning and wealth and estate planning.