Brainz Magazine Article – How to Manage Your Holiday Spending
The holidays are always such a hectic time, so you want to get ahead of that freight train before it runs you over! Last year, 7 out of 10 Americans reported that they exceeded their holiday budget – many of them by a large amount. And according to Forbes Magazine, about three-quarters will put the holiday on their credit card – a trend that is growing quickly among Gen Z and Millennials.
Start with planning
So, the very first step is to plan what you’re going to spend for your holiday. A good rule of thumb is to look at what you spent last year and aim to reduce it by 25%-50%. But it isn’t just presents – we need to look at the whole enchilada!
Look at these different categories and try to estimate how much you spend on them in a typical year.
Think through your entire holiday:
- Gifts
- Parties
- Decorations
- Holiday meals
- Travel
- Family Traditions
- Workplace/neighbor gifts
