Holiday Spending: Prepare Your Budget

Holiday Spending Budget HelloWallet

The holiday season is officially here. To help you prepare financially for this time of year, we’ve created a Holiday Webinar Series to help you create a plan for spending and saving that will max-out holiday cheer, not your AMEX. You can watch a recording of yesterday’s webinar here, or read on for a recap of tips and tricks to prepare your budget for gifting, hosting, donating and traveling this time of year.

  1. Be a savvy shopper.¬†Retailers have a great big bag of tricks to get you spending more and saving less during the holidays. Terms like “limited time” or “limited quantities” should always be a red flag, and be wary of long lines – retailers will close registers and hold customers outside the store due to “capacity” to create the illusion their store is popular and worth spending your hard-earned paychecks for.
  2. Update your income with any money you’ve been saving. If you’ve been saving for giving and other festivities, now is the time to include those savings in your income to allow for additional spending within your budget. Adjust your income accordingly on the Profile page.
  3. Create a yearly budget item for gifts.¬†Make room in your budget and get a head start for next year by planning a yearly budget item for “Gifts”, or create your own custom category like “Holidays” or “New Year’s Party”. You might also consider creating a Reminder for yourself to start saving for the holidays.
  4. Add big-ticket gifts or other expenses to your Wish List. The Wish List feature is another great planning tool to help you get ready for the holiday season. Know you’ll be spending a pretty penny on your Thanksgiving feast? Want to spoil your sweetheart with something big? Planning to ring in the new year from a tropical island? Put it on your Wish List to track the expense against your savings to know when it’s safe to splurge.
  5. Flag your holiday spending. Keep track of where your money is going by creating custom flags for your holiday spending. Adding a simple “Friends” and “Family” tag can help you quickly identify how much you’ve spent on them in the past, and will help you plan for the future.

Be sure to join us Wednesday, December 3rd at 1pm EST for the next chapter in our Holiday Webinar Series, New Year’s Eve: Resolutions You Can Keep.

Have more questions about using HelloWallet to manage holiday spending? Email, we’re happy to help!