Planning your finances now ahead of the holiday season
It may only be July but the holidays will be here before you know it. While you may not be shopping just yet, it’s helpful to start planning your finances now.
"Put pen to paper. Start writing down. It doesn’t have to be a blow by blow framework but start giving you a outline of what Christmas will look like financially and that will give you a chance over the next 6 months to adjust that overtime so your Christmas turns out to be reasonable for you and your life situation and not something where you set expectations and not meet them," said Barry Bigelow, Great Waters Financial.
Bigelow says to cut back your budget and find ways to put $25 aside each week. He recommends putting your savings in a separate account dedicated solely to your holiday shopping budget. You’ll have the money in place so you don’t have to use a credit card and pay interest on them overtime.
Also, be sure to have a conversation with your family. Dynamics are different for everyone and it might be time to re-adjust gift-giving expectations.