The Time to Plan for The Holidays is Now
The year-end holiday is one of the long-awaited and most-anticipated times for a lot of people. Even though it’s not yet around the corner, you can still plan for it ahead of time. Planning holidays in advance gives you many advantages.
It is almost guaranteed that there will be more spending during the holiday. Preparing well for it helps you have better money management and avoid running into the perils of overspending.
Here are extra expenses in December you should keep your eye on from now.
Heating Bills
In December, the cold weather starts to kick in. You’ll need your heater on all day to brave the cold for the whole month.
Therefore, you need to be aware of your gas bill. As a calculation, you can expect your gas bill to be 11% higher on average
Electricity Bills
Alongside your heater, you’ll also use more electricity during the winter since it gets dark faster compared to other seasons.
Especially during winter holidays when family members gather to kill time together.
Medication Expenses
It is important to have separate savings in case unwanted incidents happen. During winter, kids are more likely to get the flu or fevers.
That’s why planning ahead of time is crucial, especially if a family member needs hospital medication.
Charity
Winter is the season to give to those in need. You can plan your budget ahead of time and to whom you’re going to donate money to.
You don’t always need to donate money, you can also donate other things, such as food and goods.
Holiday Gatherings
The holiday isn’t perfect without gatherings, whether it’s with family or friends. Plan your holiday party and start to save a little toward it each month.
Holiday Travel
If you plan to travel during the holiday, you can do the preparations ahead of time. Make sure to use a travel credit card since it offers many benefits.
If you don’t have one, you can sign up for that as soon as possible. This way, you can identify the spending requirement and earn the bonus in time to plan your trip.
Gifts
When visiting family, relatives, or friends, it feels empty without bringing any gifts. Make a plan to whom you will visit and what kind of gift you want to give.
Americans spend an average of $785 – $950 on holiday gifts. To avoid overspending, planning and setting aside several bucks for saving will avoid you from getting into debt.
Closing Tips
Planning ahead of time for the holiday helps you prepare your budget and money allocations. This way, you can do the savings for the holiday months before.
When everything is well prepared and neatly managed, you can enjoy your holiday to the best without worrying about your financial state.
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