It’s the time of year for pumpkin-spiced everything, family and friend gatherings, shopping, and… budgeting.
You don’t want to start 2024 with a massive spending hangover. Get ahead of it this year and create a budget.
Review last year’s spending: If 2022 holiday shopping left you in the red, don’t repeat past mistakes and review them. How much did you spend? Are there any areas you can cut back on this year?
Create a budget: Ideally you already have a general budget, but if you don’t, it’s a great time to create one.
You can create your budget with pen and paper, a spreadsheet or use an app. (SoFi has one here.)
The hard part: sticking to it
You’re making a list… checking it twice Don’t let last-minute purchases blow your budget. Take the time to make a list of all your expected expenses this season, including: gifts, decorations, food for parties and travel. Then assign how much you can spend on each category, including how much you can spend per gift.
Track your spending: Track purchases in your budget. If you overspend on one thing, you can make up the difference by cutting back somewhere else.
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