Here’s how to stick to your holiday budget!
The holidays can really add up. Even if you cashed in on those Black Friday deals, your Christmas budget may be stretched. We are leaning in on a family finance expert for smart ways to track everything stress-free.
Accredited financial counselor Amanda Christensen shared how we get a handle on the holiday budget.
The Christmas List App
One of Amanda’s top recommendations is the Christmas List app. It costs a few dollars, but it has a range of features that make holiday tracking a breeze. “You can add groups and then within those groups, you can add people. You can add the item for this person… how much it is where you bought it,” Amanda explained. You can then add if it’s been purchased, shipped, and wrapped. The app lets you track your progress all along the way.
Plus, it’s password protected, so no sneaky kids will spoil the surprise. “So you pay for a few more of those types of features with this app, but I really think it’s worth it,” Amanda emphasized.
Integrate Holiday Spending into Your Existing Budget
If you’re already using a budgeting app, Amanda suggested simply adding a Christmas category to it. “If you’re already tracking in whatever way that is, then add a Christmas category to that process.” This saves you time and keeps all your financial tracking in one place.
Popular apps like Rocket Money can be adapted for this purpose, making it easy to monitor your holiday expenses. There are a lot to choose from, so Amanda recommended doing a little research and choosing a highly rated app. “Most of them connect to your bank account, so we want to have good security with those,” she emphasized.
Use One Credit Card for All Purchases
Amanda advised using a single credit card for all holiday purchases. “Especially for the person who really just cares to have a big picture to like, ‘what am I spending overall?'” she said. This will help you track overall spending and maximize the benefits of your card, whether it’s cash back or miles.
“It’s also just really easy to track your spending and see all in one place where everything is and how much you’ve spent,” Amanda emphasized.
The Envelope Method for Pain Point Spending
For those areas where you tend to overspend, Amanda recommended the envelope method to help you stick to the holiday budget. “If there’s an area with your spending that tends to blow your budget, then give yourself an envelope with some money in it,” shed suggested. This tangible approach can help you make more purposeful spending decisions.
It’s pretty easy to just swipe a card, but when it’s a tangible stack of money in your hands, you might think twice! “It feels totally different to surrender the greens!” Amanda said.
Create a Separate Savings Account
Another strategy is to set up a separate savings account specifically for the holiday budget. “If I’ve got an account that has my total amount I want to spend in it already and then I pay on my card, I transfer money weekly,” Amanda explained. “Don’t wait till the end of the month, transfer money weekly from that savings account.”
This method helps you keep a close eye on your balance and make sure you don’t overspend. “Watch your balance pretty closely and you’ll know what’s left to spend and and what you’ve already spent,” Amanda recommended. “It’s really easy when it’s in a separate savings account.”
Using Spreadsheets for Detailed Tracking
For those who love detailed tracking, a spreadsheet can be really helpful. “It could be as detailed as you want, from who you’re spending on to how much it was to where you bought it,” Amanda said. Adding categories like where gifts are hidden can also be helpful.
Shared Phone Notes for Collaborative Tracking
Amanda also suggested using shared phone notes for tracking holiday spending and activities. “My husband and I both have access to that. So he puts things in when he spends, I put things in when I spend and it’s in one place, easy to see.” This helps you make sure that both partners are on the same page and can track spending together.
Amanda is hosting a free webinar on credit card hacks on December 10th and 12th. You can register through Utah Money Matters on Instagram or their website.
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