The happenings "inside" the Wisconsin State Treasury and across the street at the State Capitol

Money Matters: 4 Steps to Budgeting for the Holidays NOW, STEP 2!


The Holidays are descending upon us along with some potentially overwhelming bills if you get a little too caught up in the spirit if giving.  This week, in our 4 part blog series for Money Matters devoted to Holiday budgeting,  our Friends at Learnvest.com, outline how to calculate your spending budget.   Of course, having a little extra cash wouldn’t hurt.  Don’t forget to search our Unclaimed Property database for your name  at www.wismissingmoney.com.

2. Calculate How Much Can You Spare

The easiest way to calculate where your holiday budget is coming from is to log in to LearnVest’s Money Center to see your spending trends. These are already grouped in your Financial Inbox according to the 50/20/30 Rule, so you can see at a glance what percentage of your income you’re spending on Lifestyle Expenses.

If you have money left in your Lifestyle Choices before the 30% mark, you can allocate the leftovers to holiday spending—and create a special color-coded folder to account for it. If not, it’s time to trim back.

Could you free up enough for holiday travel by cutting a dinner out once a month, or temporarily stretching your time between salon visits? How about freezing your gym membership for two months and starting anew in January? You’d be amazed by how easy it is to free up funds when you see exactly how much you’re spending on what laid out before you.

You can even set a specific savings goal for the holidays in the Money Center and play with various contribution amounts per month to see how far they would get you.

Advertisements

One response

  1. Pingback: Money Matters: 1 Minute Habit to Revolutionize Your Finances! « Wisconsin State Treasury

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s