'Tis the Season to Go Broke—NOT!

Can you believe it’s already October!? It’s crazy how fast time goes by sometimes. Before you know it, the Thanksgiving and Christmas holidays will be here. This means more money will be going out instead of staying in. But it doesn’t have to be that way. Instead, make a plan this month to stay in budget with your holiday spending this season.

Budgets Weren’t Made to be Broken

When making your holiday budget, be sure you stick with it! If you don’t have it, don’t spend it! Yes, we all want to give our children and loved ones as many items on their wish lists as possible. However, the holidays are not meant for going into debt. The important thing is spending time with family and friends. That’s what the season is all about.

If you do want to buy some gifts this year, go ahead and get your budget ready now. How much can you save between now and the holidays? Who do you want to buy a gift for this year? What about other holiday expenses, such as travel, decorations, etc.?

After making these two lists, is your budget less than what the costs will be? You can do one of two things. One: See where you can cut costs on your expense list. Do you really need new decorations? Can you find drive cheaper than flying? Or, two: You can try and earn some additional money for the holidays, such as by having a garage sale, working a seasonal job, etc.

*Do you need help creating a better budget for your finances? Visit our website at www.jeffersoncreditunion.org under our “E-tools” section to take our Budgeting Basics course for additional education and tips on budgeting.*