How To Budget Your Money For The Holidays (2023)
A complete guide on how to budget your money for the holiday season!
Holiday Budgeting Spreadsheet: https://docs.google.com/spreadsheets/...
*(To Make A Copy Click File, Make A Copy)*
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Chapters
00:00 Start Here
00:57 Step 1: Download A Free Copy Of The Spreadsheet
01:37 Step 2: Decide How Much Extra You Can Afford To Spend For The Holidays
02:55 Step 3: Prioritize Your Holiday Spending In Categories
04:32 Step 4: Allocate How Much You Want To Spend In Each Category
06:02 Step 5: Review Your Budget
06:49 Step 6: Create A Realistic Plan
08:12 Step 7: Track Your Purchases On Your Spreadsheet
10:21 Step 8: Hold Yourself Accountable
As the holiday season approaches, we spend more money than we normally do on things like travel, gifts, and entertainment. It is important to create a budget so that you do not overspend and enter the new year in debt. In this video, I walk you through 8 steps on how to budget your money during the holidays.
Step 1: Download A Free Copy Of The Spreadsheet
The first step is simply to download a copy of the free spreadsheet that we will use to create the budget. Link for spreadsheet located at the top of the description.
Step 2: Decide How Much Extra You Can Afford To Spend For The Holidays
Next, you need to determine a specific amount of money you can afford to spend this holiday season. This money can either be an added expense to your budget, come from your savings, or come from extra money you make. Once you determine this amount, enter it in the "budget" box in the spreadsheet.
Step 3: Prioritize Your Holiday Spending In Categories
There are five different categories of things we spend money on during the holidays: travel, gifts, food and entertainment, misc. holiday stuff, and charitable donations. Next, you need to prioritize these categories on what is most important for you and what is least important. Once you have created a list, input them in the blue table on the spreadsheet.
Step 4: Allocate How Much You Want To Spend In Each Category
Next, determine how much money you want to spend in each of these five categories. This is a rough estimate, but you need to budget a certain amount of money in each category. Once you have determined an amount for each category, input the amounts in the spreadsheet.
Step 5: Review Your Budget
Once you have allocated money in each category, subtract your budget amount from your amount allocated. If it is below zero, you are over budget, and need to rework how much money you allowed.
Step 6: Create A Realistic Plan
Next, create a realistic plan on how you can not overspend in each of the categories. To do this go through each category and make compromises. You can't have it all and the only way you will stay within budget is by making compromises.
Step 7: Track Your Purchases On Your Spreadsheet
Finally, track your expenses on the green table filling in each category. The information will automatically move over to the blue table to help you stay on track so that you do not go over budget.
Step 8: Hold Yourself Accountable
Last, as you spend money throughout the holidays, make sure that you hold yourself accountable so you do not enter the new year with a bunch of debt from the holidays.
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