The holidays are fast approaching and so are the bills associated with them.  Donohoo Accounting has a few tips for budgeting for the holidays.  We are going to start by making a list and then checking it twice, review your receipts from last year to judge spending habits, and shop for bargains once you have an idea of what you must buy and for who you are shopping for.  Should I pay cash or use credit?  Using our tips for budgeting for the holidays will help you decide.

Make a list and check it twice.

Professionals agree that it helps to write down a list of all the people for who you plan to shop before you venture to the stores or turn the computer on. Next, to each person’s name write down your gift idea for that person, and how much you can spend. By doing this you will have a clear idea of your total dollar amount needed to buy the gifts for your family and others.

Review your receipts and bills from last year.  

Reviewing receipts will help give you an idea of the dollar amount you spent last year on the holidays and if you used a credit card how long it took you to pay them off.    Make sure to save your holiday receipts from this year if you do not have the ones from the previous year to watch spending for next year.  The holiday costs add up quickly and being able to see the totals will

Save your holiday receipts from this year and either total them daily or add them up two weeks before the actual holiday.  Expenses add up fast during this busy season.  Seeing your totals will surprise you with a reality check as to how much more you spent this past year on the holidays.

Using credit during the holidays?

Think twice before you use your credit card this holiday.  If you do decide to use them take only the ones with the lowest interest rates or bonus offers.  After using the credit cards be sure to check for unauthorized charges.  If you do find charges not made by you report these changes to your credit card company immediately.

TIP: Before you go shopping label envelopes with everyone’s name on them and put the appropriate amount of cash into each envelope.  This will help you not to overspend.

Shopping for bargains.

Shopping for bargains can be done earlier than later.  Once you have decided what to buy each person on your list start watching online advertisements and ads.  Shopping from the same retailer can save you money on shipping costs. 

You may have been a last-minute holiday shopper last year, but planning now can help you have a happier, stress-free holiday season this year. If you follow some of these simple tips, you should have a successful and financial stress-free holiday season! Looking for more ways to save money than call Duane Donohoo at 513-528-3982 or visit our website at Donohoo Accounting Services.