I know, we don’t want to start thinking about the holidays! But now — not after the fact when the bills come due — is the time to start thinking ahead about what extra expenses will be coming up between now and the end of the year.
This might include:
- holiday travel
- annual payments that are coming due (like insurance renewals)
- holiday gifts
- fall/winter birthdays
- extra groceries for holiday meals
- Halloween costumes, candy and decorations
- holiday/seasonal clothes
- holiday entertainment
To get started making a budget for the rest of the year:
- Start by thinking about each month. What is coming up in the rest of September? October? November? December? Make a list, and then estimate how much you will spend on each item.
- Look back at last year’s bank or credit card statements to see how much you spent on these items. Use this to make sure that what you estimated is realistic. You can also look at your statements to find annual expenses that come up during this time.
- Once you have a solid number next to each item, add it up. Does what you are planning fit into your budget? If you can’t pay for it without going into debt (i.e. charging an amount to your credit card that you can’t pay off immediately), you may have to consider:
- Temporarily cutting some other things out of your budget so you can save for holiday spending.
- Finding a less expensive way to do things, or cut them out all together.
- Finding a way to temporarily make some extra income.
It is tempting to just spend and figure you will deal with the consequences later. But looking ahead gives you options. It gives you a chance to make decisions with intention, and before the spending has already happened. Planning ahead can be intimidating, but it helps you stay in control, and see the bigger picture of how these non-monthly expenses fit into your overall financial picture.
Does it all seem too much? You don’t need to struggle alone! I can walk you through it step by step, and together we can find a system that works for you. We can start with a free, 30-minute introductory video call and then go from there. Schedule your call today!
