Further to my recent post, here are some things to account for in your holiday budget.
If you are a planner and a monthly budgeter I would begin accounting for your increase in spending for the holidays as early as October. I find that sometimes the earlier you are with purchasing gifts and decor (of course be aware of the usual sales) the most you can get for your money.
Here are some things you will want to include:
1. Decor
If you love home decor you are probably going purchase a few more things to update your holiday decor collection. Be realistic – if you know that you cannot resist then budget for it. If you love home decor you can always come up with a smaller budget and explore Dollarama and craft stores to make decor yourself!
I am a big proponent of using what you have and your existing decor (see my latest post), however I understand the need to switch things up so take this time to do some research on how to repurpose your decor – perhaps you can avoid this category of spending overall!
2. Gifts
When coming up with your budget I would first make a list of who you are buying gifts for this year and then begin calculating how much you want to spend on each person. It is so important to take the time to put this list together thoughtfully that way you aren’t adding people to your list last minute and messing up your budget later!
3. Food
If you’re planning on attending or hosting events this holiday season, you need to take this into account in your budget. If you’re attending events you usually will have to bring a platter or a hostess gift so make sure that you have allotted funds towards this purpose in your monthly/weekly budget. So that you see it coming and it’s not a surprise or unexpected expense.
I know it can be difficult to budget for events that have not been planned yet or scheduled but I usually use the previous year as a guide for what to expect this year.
4. Time
Although this is not something to account for in your monetary budget, it is important that you make sure you take the time to really enjoy the holiday season with your friends and family. This is such a great time of year to enjoy and it’s so important that you keep this in mind. Give yourself a break from work and your multiple projects and side hustles to enjoy the holiday season. If work is overwhelming make sure you are budget TIME into your schedule to spend with your loved ones. I know this is corny but it truly needs to be said. Life is short so enjoy it.
