How I'm Prepping My Budget For Holiday Spending

The holidays always have a way of sneaking up on me. Can you relate? One minute I’m enjoying crossing activities off my fall bucket list. Next thing I know Christmas is two weeks away and I still need to shop. And then, what does my budget for holiday spending look like at this point?

This year I’ve decided to get ahead of my holiday planning by prepping now. One of the main ways I’m doing this is by prepping my budget for holiday shopping. If you want to join me in this venture, I’ll be sharing how I’m approaching my holiday spending this year and what I’m doing to save money for it.

How I'm Prepping My Budget For Holiday Spending

There are a few phases to prepping my holiday budget. First I need to figure out what I want to buy, who I need to buy for, etc.. Then I need to review my current budget. Once I’ve done both of those I need to consider what I can do to earn extra money.

The last phase is reviewing everything and creating a plan for my holiday spending. Keep reading for a budget breakdown on each phase.

1) Making My List, And Check It Twice

First up on my plan to prepare for holiday spending is to make a list of what I plan on buying. I’m not trying to come up with an exact amount here. I just want to give myself an estimate of what I need to save up.

On this list I’ll be adding people I want to buy presents for, decor I want to buy, traveling expenses, and any activities I want to do that will cost money (crafts, parties, ticketed events, etc.). By the time the holidays get closer the list may change, but at least I’ll have a good guess of what I need saved up when the time comes.

2) Reviewing My Money Before Decking The Halls

Next I need to review what I’m working with in this budget for holiday spending. This involves writing down every monthly bill or upcoming expense.

Then I’ll review the list, decide what I can put on pause, or even remove entirely (looking at you Netflix other subscription services). After that’s done I’ll go a step further and see if any other bills can be negotiated for a smaller rate.

Once I’ve done this there will be a much clearer picture of what can be feasible when it comes to holiday spending. If things seem too tight in the budget, the last two steps will be crucial. They can help me figure out if I need to go back to step one and reevaluate some planned spending.

For more budgeting tips check out these GenTwenty articles:

•  Holiday Budgeting Hacks For Twenty-Somethings
•  My Experience With the 50/30/20 Budget
•  How to Create a Budget That Works With Your Spending Habits

3) It’s Beginning To Look Like An Extra Pay Day

If I feel like I need some extra money after reviewing my holiday plans and budget, I’ll need to consider how to get extra income. This may lead to having a yard sale and selling things on Facebook Marketplace or other selling apps. Or, I might consider starting another source of income (like Instacart or freelancing), or seeing if I can pick up extra shifts at work. This is where I’d determine that and figure out what solution to getting extra money works for my current situation.

Want to learn about ways to have multiple income streams? Check out these GenTwenty articles: 

•  Why People Seek Multiple Streams Of Income (+5 Viable Options)
• Why Gen Z Is Ditching the Single Paycheck for Income Stacking
•  Career Tips: How To Turn Your Expertise Into A Source Of Income

4) Merry Christmas, Happy Planning for your holiday spending budget

This last step is where it will all come together. Up until now I’ve gathered the pieces of my plan, now it’s time to strategize. How much money will I be saving out of each check? When will I start Christmas shopping? These questions, and more will be answered. 

I know this isn’t a fun time, and may seem too over the top. I truly believe this will allow me, and you if you decide to join me, to enjoy the holidays and make the most of the last two months of the year. Anything I can do to make the holidays a little more joyful after the year we’ve had, I’m going to try.

5) Simply Having A Wonderful ChristmasTime

When it comes down to it, I’m not expecting to have a perfect holiday season. I won't buy all the presents that I want and have something exciting happening every weekend. I just want to have enough wiggle room to not have to stress and feel like I have to choose between activities I want to do and/or people I want to buy gifts for.

 

At the end of the day none of that matters anyway. It’s being with loved ones and celebrating the true meaning of the season that’s important to me, anything else is just a bonus. As long as I remember that throughout this saving period and throughout the holiday season, it will truly be a great end to the year.

Final Thoughts on My Budget for Holiday Spending

I’m hoping that with a little early planning on my part, I’ll be able to enjoy the holidays when they come instead of worrying about money or how much time I have to buy presents for loved ones. What are you doing to prep your budget for holiday spending? Let me know in the comments.

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