The holidays give us the opportunity to celebrate with friends and family. While it’s tempting to splurge on the most delicious food and exciting gifts, these can come with a wince-worthy price tag. Going overboard during the holidays can leave you with regrets for months to come, instead of further reasons to be thankful.

Creating a budget for your holiday can help you stay on track for a memorable season without financial stress. Furthermore, a solid plan can give you additional time to enjoy the parts of the holiday that matter most! These smart budgeting tips can help:

Budget Your Money and Your Time

For a stress-free celebration, it is critical to determine what is most important to you. Outline your priorities and expectations, and rank them in the order of importance. Once this is accomplished, you can allow your priorities to dictate the flow of the day.

Organize your Priorities

Create a budget based on your stated priorities. Be honest with yourself about how much you can afford to spend in total. You can now allocate a reasonable amount for food for the holiday meal, decorations,, and any entertainment or activities you want to participate in during the celebration.

Think outside the box for ways to stretch your resources! If you hope for a large feast, consider asking guests to bring side dishes or beverages to help out. Should your holiday family tradition include seeing a film, you might consider a movie night in the comfort of your home instead of a more expensive theater.

Sticking to the Budget

While creating a budget can be challenging, sticking to it can be even more difficult. It’s very easy to compromise first on one amount, then another, until the entire affair has ballooned out of control! Consider these smart tips for staying within your budget boundaries!

  • Plan your menu. Be realistic about how much food you need to both feed everyone and enjoy your favorite dishes.
  • Make a shopping list and stick to it! Impulse purchases can throw your budget off course. Avoid them!
  • Wherever possible, buy in bulk. Popular bulk warehouse stores often have quality items for less money than you would find in smaller amounts at traditional supermarkets.
  • Be aware of sales and available coupons. You can significantly lower your holiday expenses by taking advantage of discount offers at local stores.
  • Consider shopping at discount stores for decorations, serving items, or paper napkins and plates. Inexpensive paper goods can leave more room in the budget for special, quality items.
  • Alcoholic beverages can become expensive. Consider cutting them out of your celebration altogether, or asking your guests to bring their own.

Stay on Track with Structured Settlement Payments

Selling some of your structured settlement payments could provide the funds you need, whether it’s for clearing a debt or buying a home. Our experts at Novation Settlement Solutions have years of experience in the sale of structured settlement payments. Contact us today for more information.

*Novation is not a financial advisor or consultant and strongly recommends that you speak to a lawyer or accountant before making any significant financial decisions.