You might not be a little kid anymore, but this season was simply made for your inner child! The holiday season can overload us with opportunities for fantastic fun and resounding joy – like holiday vacations, gatherings with family and friends, special events, gift-giving, and much more. While the joy of the season can’t truly be bought, virtually everything related to the holidays comes at a financial cost. And for many of us, those costs can become overwhelming.

The key is to tame that holiday sending while it’s happening so you don’t blow your budget for the holiday season and for months to come. Getting your holiday spending under control is best accomplished as early in the season as possible so that it can be built into your holiday plans.

Here are some strategies to try to tame your holiday spending:

Create a Holiday Budget

Using what you know about your current financial picture – including your income, level of savings, typical monthly expenses and other factors – designate an amount of money to use as your starting point for a holiday budget.

Make a List

Begin by writing out your gift list, including the travel, events, gatherings, charitable donations, and other purchases you are planning for the season. Include cost estimates for each time on your list. You can also refer back to the last few years to get an idea of how much you typically spend.

Check it Twice

Add up your list and check it against your holiday budget. If your expected expenses are greater than your budget, it is time to trim your list. If you have a surplus, you should still try to stick within your budget in case of a financial emergency and put it towards your savings.

Comparison Shop

Whenever possible, look around for the best price on everything from gifts and décor to food and travel. Keep in mind that one retailer may have an exceptionally low price on one item but make up the difference by keeping other prices higher – so you’ll likely have to shop multiple retailers. Book travel as early as possible to avoid last-minute fares and accommodation prices, which tend to increase as the holidays draw nearer. Use coupon codes and keep track of limited-time sales, too.

Get Hands-On

Hand-made gifts can be extraordinary, so consider making some gifts to help stick to your holiday budget. Doing some simple baking or even putting together a uniquely curated gift basket yourself can help you craft some of the most thoughtful gifts on a budget.

Monitor Your Spending

As the holiday shopping season progresses, keep track of your expenses and continually compare them against your holiday budget. Making adjustments along the way may be necessary and will help you better prepare for next year, if needed.

Focus on the Joy

Naturally, the holiday season is really about the joy it brings. If you find that one of your holiday traditions isn’t something that truly lets you experience the joy of the season, then try skipping it and reconsidering it for next year. Ultimately, deciding to eliminate expenditures altogether can make the most positive impact on your holiday budget.

Once the holidays are over, make sure you have a plan if necessary, to pay down any holiday debt you have accrued. For more helpful information, visit our Youth & Young Adults page or follow us on Instagram and X!