MoneyLife

Best Holiday Budgeting Ideas

By Grace Kilander

‘Tis the season to be jolly, but that doesn’t mean you should live beyond your means. Before your spending gets out of control, put a plan in place, so you don’t wake up with a financial hangover after the holidays. Try these simple budgeting tips to rein in your holiday spending this year.

Get A Headstart On Your Holiday Budget 

It’s easy to get wrapped up in holiday spending (pun intended), so planning your budget is essential to surviving the season without going broke. Start early, write down your budget, and stick to it! 

Remember to include all the little extras that come with the holidays, like extra gas for travel, holiday cards, postage, and shipping costs. Add the New Year and Valentine’s Day costs into your budget as well. You don’t want to spend all your money and wind up with zero to work with. 

Once your budget is complete, look for areas where you can cut costs. For example, making DIY gifts like cookies in a jar or gifting a whole family gift instead of individual gifts. Help your loved ones create memories with gifted experiences that will last a lifetime. 

Find out more about our budgeting and saving tips here!

Make A List and Check It Twice!

In addition to your budget, make a list of every person you plan on purchasing a gift for (from your children to your mail person) along with the amount you plan on spending. Consider this amount a ceiling and not a quota; that way, you focus more on the emotional value of a gift and not the price tag.

Don’t blow your budget purchasing extravagant presents. Giving a personalized gift, like these affordable engraved necklaces or a handmade ornament. A personally curated gift instead can mean so much more to your loved ones than an expensive big box store gift. 

Also, if you know how to bake, you could make a few of your favorite holiday desserts and package them into festive goodie bags. Attach a handwritten card and safely send or drop off your delicious gifts to friends and family. 

Shop Rewards and Earn Big

It’s no secret that most rewards app are either too complicated or don’t result in a worthwhile return. When you shop through the rewards tabs in the MoneyLion app, you can earn online cashback, shake ‘n’ bank rewards and priceless surprises from Mastercard. Shop during the month of December and earn 2% cashback at Bath and Body Works, Etsy, Best Buy and Macy’s. 

Afraid you’ll miss out on a deal waiting for payday? RoarMoney account members have access to 0% APR Instacash℠ cash advances up to $250 to top off their accounts, so they’ll never miss out on a holiday deal because they’re short on funds.

Qualifying is easy! First download the MoneyLion app, link your direct deposits. 

Less Parties, More Giving  

The 2020 holiday season has changed quite a bit, but a corona Christmas doesn’t have to be short on spreading magic and cheer. Invite your family and friends to join you in adopting a person or family in need instead of buying each other gifts. Ask around on social media or do a quick google search of organizations in your area who are helping those in need. Helping those less fortunate is good for your heart and it’s likely you’ll spend less money overall. 

Still want to enjoy some quality time with your family? Who said a virtual party had to be boring or expensive! Put on your ugliest Christmas sweater, grab a cup of eggnog and use a virtual Secret Santa or White Elephant app.

Save Money Without Feeling Like a Grinch

The holidays are about spending time with the ones you love, not overspending on extravagant gifts. Use these budgeting tips to save money without feeling like a Grinch this year. 

Download the MoneyLion app and for $19/month you could qualify for a Credit Builder Loan up to $1000! Cover all of your Christmas shopping expenses at competitive installment loan rates and pay back your loan over 12 months. 

MoneyLion members have seen their credit score go up by 60 points within 60 days! 

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