The holidays are here, whether you are ready or not! Guard your budgets and hold onto your wallets. You might be thinking I’m crazy, but the retailers have positioned their holiday displays to disarm you of your cash, especially this year with more sales days – Vlack Friday (That started early). Small Business Saturday, Cyber Monday, Giving / Travel Tuesday.
Can you make this year different? Can you stick to your list and not overspend? You can if you make a detailed plan. Write down exactly what you will be buying and the dollar amount you plan to spend.
Here are some suggestions that should help you with your holiday budget list.
- Gifts
- How much for immediate family?
- How much for extended family?
- How much for friends and co-workers?
- How much for people whose services you use?
- Entertaining
- How much will it cost when you host a gathering?
- How much will you spend on hostess gifts when you attend a party?
- Travel
- How much will it cost for local travel (gas, tolls, parking, etc)?
- How much will it cost for long distance travel?
- How much will it cost for vacation?
- Traditions– this can be anything from an afternoon tea to a night on the town.
If you write it all down, you might realize you’re planning on spending $300-$500 on gifts for people who aren’t on your immediate family list. And hosting dinners can be expensive just because you want to put on a good appearance. Ever notice a big stain on the tablecloth and found yourself running to the store at the last minute to buy one full price?
Holiday fun can wreak havoc on your budget, but it doesn’t have to. Now is the time to get a jump start on planning, and to put away money for the details that are important to you. Think of it as your own layaway plan. Take money out of each check, and spread out your spending, that way you won’t have buyer’s regret in January.
Doing this now may make January 2026 less stressful and not stressing over the credit card bills in January.
This is a general rule about spending – 50/30/20 rule. 50 percent of your take home income should go towards your needs (such as food, housing, childcare, minimum debt repayment etc.), 30% towards your wants (dining out, travel, clothing, subscriptions, memberships) and the remaining 20% to your savings / debt repayment (emergency funds, retirement, additional payments towards debt). Nerd Wallet can tell you the amount for each category 
Like Capital One says, What’s in your wallet? Could you tell me everything that is in your wallet right now? If you were to lose your wallet today, how would you know what to cancel and replace. Clean out your wallet and carry only the minimum you require. You should never carry your social security card, your PIN numbers / passwords, blank check(s), passport unless you need to use them that day. Identity theft is on the rise. Protect yourself. #JillRussoFoster #FinancialLiteracyMonth
Do you feel like you are spending too much? Have you considered an all-cash month? Or how about a no spending month? Here are two great books to read to give you some ideas Not Buying It: My Year Without Shopping by Judith Levine or The Complete Tightwad Gazette by Amy Dacyczyn. #JillRussoFoster #FinancialLiteracyMonth
Have you cut the cord or do you want to with your TV provider or streaming service? When was the last time you used your local library? With your library card you can download the Hoopla app and stream movies at home for free. #JillRussoFoster #FinancialLiteracyMonth
Now that you are not paying fees on your bank account, are you earning interest on your money? There are some amazing accounts (both checking and savings) with great interest rates. Shop around for the best rate without fees. #JillRussoFoster #FinancialLiteracyMonth
Are you paying fees to your bank? You should be able to bank without fees. Some banks waive the fees with a minimum balance or direct deposit. Paying a monthly fee to have a bank account is a waste of your hard-earned money. #JillRussoFoster #FinancialLiteracyMonth
While thinking about saving money, what can you eliminate from your life that would save you money? Can you bring your choice of beverage from home versus buying? Can you stop buying bottled beverages? Do you bring your lunch with you from home? We have eliminated the trash removal / recycle bill by taking it ourselves. We went from $75/month to $25/year. How can you save? #JillRussoFoster #FinancialLiteracyMonth