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The Importance of Budgeting for the Holiday Season

It’s November and the holiday season is upon us.  While many are preparing for the festivities and gift giving of the season, its important to not get caught up in emotional spending. When you’re out Christmas shopping, don’t let your emotions get in the way. If you do you’re probably going to overspend.

When it comes to your family and friends it’s easy to overdo it when you’re in the stores. You love them and you want to buy everything for everybody. Make a list and put a dollar amount next to each name. Stick to that budget to help you curb your emotions. As you are out Christmas shopping stick to your list.

Along with shopping for others, you can get caught in emotional spending on yourself. I have been guilty here. While shopping for others I would see a lovely outfit on a mannequin right in front of me. After trying it on, I’d end up purchasing it because it fit so well. Yet I was supposed to be shopping for others.  Here’s a simple rule: if you’re going to purchase something for yourself, include yourself in the shopping budget.

Christmas-Shopping-Golden-Triangle-Tx

Don’t Derail Your Finances Because Its Christmas

If you’re getting out of debt, trying to build your emergency fund, you’re in a financial bind, or living paycheck to paycheck, you don’t have a lot of spare money to spend on Christmas.  It can be hard to keep your emotions in check, but impulse holiday shopping and retail therapy is not the answer. Don’t make your life harder by making unwise financial choices.

Because you have a certain amount of money you can spend, draw that line and say no to emotional overspending. Doing so is one of the most important things you can do for yourself and others around you.

What About the Children?

As a mom, I know how it feels to want to give your children the best Christmas.  So get gifts for your kids.  But don’t end up with a holiday debt hangover because of your feelings. As a parent know that the memories they have at Christmas are more important than the presents. They will survive even if they don’t get the latest gift.

During this holiday shopping season create and commit to your spending plan. Don’t let emotional spending drain your wallet and burden you with unnecessary debt.

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About Touya Kelley

Touya Kelley has spent the last 5 years of her life offering financial solutions to people. On her personal finance blog Break Free And Win, her goal is to help and encourage others to manage God's money well.

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