Happy November!!

If you’re reading this and haven’t already started budgeting for the holidays, then this post is for YOU! Today, I’m showing you how to create a (last minute) holiday budget and save money on gifts this holiday season.

Because, let’s be honest, Thanksgiving and Christmas are right around the corner. Between buying ingredients for Thanksgiving recipes, Christmas gifts, and decorations, there is a LOT to budget for.

The last thing we want is for your finances to be surprised by holiday expenses. So let’s get started ASAP!

How to Create Your (Last Minute) Holiday Budget

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Decide What You’re Spending Money On

When creating your last minute holiday budget, create a list of everything you anticipate spending money on this holiday season: gifts, gift wrap, shipping costs, recipe ingredients, etc. Once you have your list, write down how much you plan to spend on each item.

Determine How Much You Can Afford to Spend

Next, consider the amount of discretionary money you have available over the next few weeks. Once you know how much money you are able to spend, you can plan your expenses accordingly.

If your expenses exceed the discretionary money you have available, you will need to adjust your planned spending until it’s an amount you can afford.

This goes without saying, but do NOT use your credit card to fund your holiday expenses!

Track Your Spending

Keep a record of your spending in each of your holiday budget categories. This will help you make sure that you don’t overspend in any area, and stick to your budget overall!

Other Holiday Budgeting Tips

Start Saving ASAP

Now that you have created your holiday budget, start saving for those expenses NOW! I recommend creating a holiday sinking fund and picking a bank account to keep all holiday savings in.

Each time you make a purchase, remember to track your spending to make sure you don’t go over your budget.

Take advantage of store coupons, discounts, and sales

If you want to save money on gifts, keep an eye out for promotional emails and sales at your favorite stores. Once you know what gifts you want to buy everyone, use coupons, discounts, and sales to help you save money and stay within your budget this year!

Start Shopping Early

When you start shopping early for the holiday season, you are able to compare prices and find the best deals for your gifts.

Additionally, as someone who has worked several different retail jobs, I learned that many stores actually switch over their floor-sets and increase prices in the final days before Christmas. This is to capitalize on “desperate shoppers” and make as much money as possible.

Don’t let this be you!

Make Your Own Presents

A surefire way to save money on gifts is to make them yourself!

Personally, this is one of my favorite gift-giving ideas. I LOVE making things for the people I care about, and it allows me to learn and experiment with different arts and crafts.

Plus, I feel like there are few things more personal than making something special for someone.

If you’re interested in making a gift for someone but don’t know where to start, I recommend browsing through Etsy for some ideas!

Final Thoughts

The holidays can be a stressful time financially, but taking the time to budget and plan accordingly can save you money, time, and stress.

When holiday shopping this year, make sure to track your spending, keep an eye out for the best deals, and consider some DIY present ideas!

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Happy holidays!