Special events, holidays, and seasonal celebrations can put a strain on your finances if you're not prepared. Without careful planning, these extra costs can quickly add up. Get ahead of your finances with some smart ways to budget for special events, holidays and seasonal spending.
1. Plan ahead
The sooner you start saving for the next event, the easier it is to manage your budget. Work out how much you’ll need to save, then break it down into manageable monthly savings targets. For example: If you know you’ll need $600 for Christmas shopping, start saving $50 a month in January.
2. Set up a dedicated savings fund
Open a separate savings account for special events. That way you won’t be tempted to spend the money on everyday expenses. You can also set up an automatic transfer into this account after pay day, to make it easier to build your savings.
3. Track your spending
It’s easy to lose track of small purchases that add up. Use a budgeting app or write down your expenses to see where your money is going and where you can cut back. Don’t get caught out with last minute spending or impulse purchases. Plan your budget and stick to it.
4. Look out for deals and discounts
Shopping during the peak of holiday season or when you’re under pressure often leads to overspending. Look out for seasonal sales and avoid the last-minute rush. Use cashback apps, discount coupons, and loyalty programs to save even more.
5. Avoid last-minute expenses
Booking flights and accommodation early can save you a lot of money. Prices tend to go up as demand increases, especially during peak travel seasons. Plan ahead and book early so you have more options to choose from and can take advantage of early-bird discounts.
6. Be mindful about your spending
Impulse buying can derail your budget. Before buying something, ask yourself, 'Do I really need this?' Making a shopping list can help you stay on track and avoid spending on things you don’t need. Sticking to your list means you’ll have better control over your money and make smarter choices.
Start today!
Holidays and special events should be fun, not stressful! Planning ahead, saving early, and being mindful of your spending means you can enjoy these times without worrying about money.
For help getting your finances on track, setting a household budget, or reviewing your mortgage and insurance, reach out to Mortgage Express today. Our mortgage and insurance advisers can provide personalised advice, guidance about refinancing, and insurance advice that helps you make informed decisions. Contact the team today.
