Still maintaining your holiday budget plan…What plan??

posted in: Money Blog

Of course I had to ask.  

I just finished a “Holiday Budget” presentation to the customer service folks at Verizon and had some very lively discussion.

Boiled down, the overall response had two themes; 1) if the money is there the kids will get what they want – forget the holiday budget and 2) money is feeling pretty tight so creative gifts and gift exchanges seems to be the name of the game this holiday season – there’s no way to plan.

So where does the idea of a holiday budget plan fit in?  Actually in both of these themes, there was none. The approach was the usual rear-view mirror reactive method – pay close attention to the money available at the time.  

If you’ve read any of my materials, you’ll notice the focus is BE PROACTIVE with your money.  Create a plan that includes those periodic budget busting expenses in advance.  It is possible to plan all those holiday expenses ahead of time and enjoy your holidays with less financial stress.  

 

YOUR TURN…

How are you handing the holiday spending this year?  

Are you working with a solid plan? Staying conscious and mindful of ALL your spending – beyond the gifts and related expenses? 

Do you have dollar amounts outlined for everyone? Are you sticking to that dollar amount even after being finished and suddenly finding that perfect gift for an additional $30????

Have a wonderful holiday season!!

9 Responses

  1. judylawrence
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    Thanks Erin. It’s great to hear different perspectives from different parts of the world – all still dealing with similar issues when it comes to our finances.

  2. judylawrence
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    Well said, Amie. Retailers are pretty clever and fortuntately consumers are getting more savvy when it comes to taking advantage of bargains ahead of time. Spreading out the gift shopping throughout the year and grabbing up those early promotions definitely helps the overall holiday budget plan. The trick is still to know when you bought enough and finished “your list” and not get caught up in the last minute holiday spirit and temptation to go over board on that “just spotted perfect gift”.

  3. judylawrence
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    Bradley, thank you! You have it down. It’s always about choices and feeling empowered with the choices you make. No guilt. No credit cards A new photo printer. And a satisfied Bradley!

  4. Lilly Pollard
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    Proper planning is required in order to manage personal expenses and to save some money. This saving will help you to complete your future projects that can be challenging for you without saving your money. You have to plan your personal budget in order to deal with unexpected expenses. It is really easy to plan a personal budget because only some concentration and discipline is required in order to do it successfully. You have to consider all fixed expenses, variable expenses and unexpected events in order to plan a flexible personal budget. It is right time to plan for your future because time runs really fast and you have to plan your personal budget in order to have a secure future. Living with a budget can be little but painful but you can live your life with dignity and grace. There will be no need to borrow money from other persons in order to fulfill your basic expenses.

    • judylawrence
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      Lilly, sounds like you’re describing the concepts and worksheets from the “Budget Kit” workbook to a tee. Thank you. Don’t forget it’s not only people who have limited money who use a spending plan. My clients are often high-end, well paid professionals and they clearly benefit a lot more when they have a comprehensive budget plan put together including those periodic, unexpected, fixed, variable and occasional expenses (as you mentioned) throughout the year. And yes, I like your comment about living your life with dignity and grace. So true!

  5. Helena Salas
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    Make a list (and check it twice): It’s good advice any time of year — develop a budget and stick to it. Start by making a list of holiday expenses (like food, travel and gifts) so you can estimate your costs. Next, devise a plan to cover them — preferably without going into debt. Put the plan in writing to keep spending — and expectations! — in check.

    • judylawrence
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      You got it Helena! Amazing how powerful the process of writing things down can be.

  6. Jonathon Z. Harper
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    You may’ve been wondering what the “Part C – Monthly desired spend” column of the Budget Planner is for. Now you’ve done all the savings in the Money Makeover article, you can prioritise your finances to balance your budget. Simply allocate the spending as necessary to match up what you plan to spend with the amount of money you have coming in.

    • judylawrence
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      Hey, anywhere we can get additional help for finding a budget system that works, I’m all for it. Thanks for your comment. Since this topic is in the promotional spirit, be sure to take a look at all the tools found in “The Budget Kit 6th Ed. Since this workbook is now literally starting in it’s 4th decade and has been in continuous print and on the bookstore shelves nationally for over three decades, that has to say something about a basic budgeting tool that works.