Are You Ready For This Trifecta Of Budget Breakers?

August 29, 2017

As August winds down, we are entering what I call the “Superbowl” of budgeting season. This is the season where some of us will be victorious and have at least $1 left by 12/31 and others will have bank accounts on life support, crippled by the big three: Halloween, Thanksgiving and the granddaddy budget killer of them all, Christmas.

Worse still, once your bank account has made the final death spiral in the form of an American Girl doll purchase, you may be tempted to turn to credit, which ultimately extends the crippling. To increase the chances you’ll survive with your bank account intact, NOW is the time to start planning. Here’s how I get ahead of this trifecta of expensive holidays:

Halloween: Are you one who goes all out for Halloween by decorating your home and hosting a party in addition to buying everyone costumes for trick-or-treating? Then you need to start saving now. Log in to your account and add up your spending from October of last year — that amount is your Halloween budget. To make sure you have enough set aside, divide that total by how many paychecks you have between now and October 31st, then save it each paycheck until Halloween. I also start shopping online now for costumes on websites like Party City, SpiritHalloween, or Amazon for the best selection at the best prices.

Thanksgiving: Thanksgiving seems innocent enough, but it is crawling with budget busters. Daycare for kids on school break, travel and Thanksgiving Day meals can wreck havoc on your finances. Start asking around early to find a family member that may be able to watch your kids during Thanksgiving break. If you’re planning to travel via airplane, train or bus, buy your tickets at least one to two months in advance. I recall the year we hosted Thanksgiving when we were on a much tighter budget. To help, I made it more of a potluck by assigning dishes to everyone, then we just supplied the space, dishes, cutlery and turkey, saving us a lot of money.

Christmas: Start making your list now for who you are going to buy gifts for, along with your budget. After-Halloween sales are a great time to buy gifts for kids who like to dress up; costumes are up to 70% off. Start shopping high-end consignment shops now for kids’ toys. I found that new moms and newlyweds appreciate picture frames, which are an inexpensive and easy-to-find gift. Get creative — one of the best gifts I received when my daughter was younger was from another mother who gave me coupons for free babysitting. If everyone loves your chocolate chip cookies, consider baking a huge batch, then packing them in decorative tins from your local dollar store.

Now that school is back in session, the next couple months are going to fly by. You’ll be making New Year’s resolutions before you know it. Taking the time now to plan for the holiday trifecta will go a long way toward helping your budget (and your sanity) survive the holidays.

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