Building a holiday budget to keep you on track this season

Experts say you should plan a schedule for 2023 to pay back any credit card charges
Published: Dec. 5, 2022 at 10:22 AM AKST
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InvestigateTV - According to financial experts, one of the most important financial steps you can take this time of year is to create a holiday spending plan and check in on it every week.

Cherry Dale, a financial coach with the Virginia Credit Union, said make yourself accountable. Dale said it’s critical to plan your all expenses, from holiday gifts to travel to entertaining, and put a number you are willing to spend next to it.

“If you are struggling, if you’ve felt that anxiety throughout the year about your finances and you’re feeling this stress about gift giving, have a conversation with your family,” Dale added. “Have a conversation with the people that you normally give those gifts to and just be open and honest.”

She said you’d be surprised how many people will be understanding.

Dale also said to map out how you are paying for your holiday expenses.

Are you using a credit card? Are you mapping out the next few months and how you plan to pay that debt off?

Once you have a holiday budget, she said keep checking back in on that list every few days of the season.

For more information, The Consumer Financial Protection Bureau (CFPB) has further advice on holiday spending.