Budgeting for Holidays!

With fall in the air, we know that Christmas is right around the corner And no matter how you celebrate, the holidays can quickly become a season of over-spending. So with several months to go, it's the perfect time to consider how to keep December from becoming the month of debt.

Go in with a plan Begin with a list of expenses and start brainstorming all the ways you've spent "surprise" money in the past. Of course we think about gifts for family and friends, but how many $20 "white elephant" gifts have you needed to come up with last minute? With holiday parties, it's important to also plan for an excess in grocery shopping costs as well

2. Decide on a budget. Yes, that's right…even the season of joy must have a boundary! Protect yourself from accumulating a ton of debt by setting a limit on what you intend to spend through the upcoming months Assign a dollar amount to each category and stick to it.

3. Start saving now. Once you have a number in mind, divide out how much you can afford to save each paycheck and place it in an account where you won't be tempted to dip in too early.

4 Get creative By beginning to plan before December 1st, you allow yourself the space to think of unique, DIY, or even experience-based gifts. Waiting until the last minute creates pressure that causes us to be quick to pull the trigger on money we may not have otherwise spent

5. Track your expenses. This part is so important when creating a budget in the future. Knowing exactly how much you spent and where will give you better expectations next time. For those of us with large families, propose that everyone draws a name for another family member Involve the kids by taking them shopping for their selected person - what a better way to teach the joy of picking out a special gift! You may also want to consider a cash-only spending plan. Credit cards almost always have doubledigit interest rates, and a $1,000 charge to a credit card for holiday gifts paid back at the minimum payment could end up costing you $1,800 or more. Creating a plan for the holidays is a great way to ensure you will enter the new year exactly where you'd like to be financially.