7 Simple Ways to Stick to a Holiday Budget

• Take a History Lesson— Look back at your past holiday spending habits.  Did you spend too much last year?  How much did you spend on each person?  What adjustments need to be made?
   
• Make a Budget— Not just a budget you put together in your head, write one out on paper.  When a budget is put in writing, we are much more likely to stick to it.
   
• Create a list— Now that you know how much you can spend and who you have purchased gifts for in the past, make a list with this year’s recipients and how much you would like to allocate to each of them, write down some gift ideas as well.
   
• Utilize the internet— Before you go to the stores, search online for different deals. This will also help stop any impulse purchases that you might experience at the store.
   
• Don’t use credit— Leave your credit cards at home when you start shopping.  Remember, you created the budget for a reason, you know how much you can spend.  Don’t try to fill any gaps or upgrade anyone’s gifts using credit.
   
• Think outside the gift box— Think of nontraditional gifts.  College funding with 529 plans for younger recipients makes a great gift.  They may want the toy now but they will surely appreciate money that you put away for their college tuition when that time comes.  Ask a financial advisor what the most applicable plan would be for your situation.
   
• Charitably inclined?  If you do donate to charities during the holiday season, explore the option of gifting appreciated stock versus cash.  This can be a valuable financial planning tool that can benefit you and the charity.  Call your financial advisor to discuss this option in greater detail.

- Tyler Briggs
Baird
United Way Volunteer