Watching Your Wallet: holiday budgeting

Published: Nov. 9, 2020 at 4:38 PM EST
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LANSING, Mich. (WILX) - It’s all about planning when it comes to holiday spending.

According to financial coaches, now is the time to develop your holiday personal finance plan. It will help you keep your spending under control over the next two months. The first thing you need to do is know your number.

As in, know exactly how much you are planning to spend.

Cherry Dale, a financial coach with the Virginia Credit Union, says make sure you include more than just buying presents in that number.

"So for example, if you are hosting family or traveling you need to consider those type of costs in your budget,” said Dale.

Also, be sure to include any money you are planning to donate to charity or if you are going to help someone else buy a gift like your children for their dad. Additionally, estimate the cost of any decorations you plan to buy-whether that’s the cost of the Christmas tree or any food you will bring to a gathering.

This way you get a realistic look at what you are going to spend.

Once you have a budget, look what you can cut out of it and stick to your number so you are not drowning in debt in January. You do not want to be working all year in 2021 to pay off bills from Christmas 2020.

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