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.
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.
- Unclaimed Property FAQ: How Does Property Become Unclaimed? (wistatetreasury.wordpress.com)
- Study on Gift Cards as Unclaimed Property (cardhub.com)
- Money Matters – Case History : Reducing Holiday Costs (sainsburysbank.co.uk)
- FAQ: Why does Wisconsin have Unclaimed Property laws? (wistatetreasury.wordpress.com)