RICHMOND, Va. (WWBT) - 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. So, you don’t spend too much in the next two months.
The first thing you need to do is know your number. As in, exactly how much you are planning to spend. And Cherry Dale a financial coach with the Virginia Credit Union says make sure you include more than just buying presents in that number.
“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 even if you are going to help someone else buy a gift, like your children for their dad.
And include be sure to estimate the cost of any decorations you plan to buy. Including the cost of the Christmas tree or any food you will bring to a gathering. That 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. That way you are not drowning in debt in January and working ALL year in 2021 to pay off Christmas 2020.
Copyright 2020 WWBT. All rights reserved.