With the holiday season upon us, if you haven’t already, now is a good time to make a plan for budgeting your seasonal spending. Creating a workable budget—and sticking to it—is the best way to ensure that you avoid an unwelcome surprise when you open your bank or credit card statement in January.
Chances are, you’ve probably already begun to spend. When First Command surveyed military families* about their holiday spending plans this fall, nearly half of respondents planned to spend at least $100 on Halloween, and 23 percent planned to spend more than $200. However, even with those expenditures, they were able to find ways to stretch their budgets by purchasing less expensive candy and spending less on decorations.
Similar budgeting measures can also be applied to Thanksgiving. These same military families identified their top ways to reduce Thanksgiving spending are to stay closer to home and to have dinner with immediate family only. Twenty-nine percent plan on sticking to a set budget, one of the best ways to make it through the holidays on a positive note.