5 Holiday Expenses You Need to Start Saving for ASAP

Woman sitting at her kitchen table looking at bills with laptop open in front of her.

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Don’t let the holidays get you into debt.

Important point

  • There are many additional expenses that can occur during the holiday season.
  • The sooner you start putting money aside for them, the less you will be charged with holiday debt.
  • Start saving for gifts, vacations, entertainment expenses, and taking time off work.

Now, of course, we’re closer to Halloween than the holidays. But while Halloween itself can be expensive (think elaborate costumes with extra accessories, ghosts crawling on the front lawn, and enough candy to feed all the kids in the neighborhood) , the price may pale in comparison to your expenses. in December.

That’s why now is a good time to start saving money for the holidays. The last thing you want to do is close out the year with a huge credit card balance and be stuck in 2023.

But if you want to make an effort to save money before the holidays, you need to keep track of the various expenses that may arise. Here are some to keep on your radar.

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1. Gift

Holiday gift giving can be more than just an obligation — it can bring you joy. But this year, everything from toys to clothes to electronics are more expensive than usual due to inflation. And while there’s likely to be a variety of sales between now and the end of December, you may still end up spending more than you bargained for.

2. Long journey

Do you have a loved one living out of town? You may spend a lot of money to spend your vacation with them. Flights and hotels tend to be more expensive during the holidays, and if you don’t have much flexibility when you travel, you may end up paying less.

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3. Decoration

Holiday decorations are one of those things that some people can take or leave. But if you’re in the old camp and like to decorate your home with lights, you might end up spending more money not to buy those lights, but to keep them. Energy prices are going up these days (just like everything else), so you might see your December bill go up.

4. Food and festivities

Love to host during the holidays? It’s fun though, it can increase your expenses. This is especially true at the moment due to the increase in food prices at the national level. Plus, if you’re not ready to make a lot of food, hosting guests for the holidays may mean you need help with food service. This is another expense that you should save on.

5. Time off work

If you are self-employed, you usually do not qualify for vacation. And so if you need to leave work for several days to celebrate the holiday, it may result in a lower salary – all the more reason to start saving now.

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It’s not so easy to focus on vacation when it’s hot and raining. But it is necessary to set aside money for these special expenses so that they do not become alarming – and lead you to close the year with credit card debt.

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