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Tips for holiday budgeting
by Senior Airman
GRACE LEE
56th Fighter Wing Public Affairs
During the holidays most people spend time with loved
ones and spread holiday cheer, but it can also be a time
when some find themselves in a financial bind.
“The holidays can be a stressful time for many, because
most people want to give more than they have or can afford,”
said Robert Griffin, Airman and Family Readiness Center
community readiness specialist. “Then after Christmas is
over, they end up regretting overspending because they’re
tight or short on money when the bills come in the New
Year.”
While planning is preferred, buying something un-
planned can hurt one financially.
“What can get people into trouble is making an impulse
buy on an item they know someone wants and putting it
on their credit card,” said Cory Carmichael, A&FRC com-
munity readiness specialist. “It’s hard to take advantage
of a Christmas sale if you’re going to be paying interest on
it for the next year. Allocate a certain part of your budget
toward the holiday or gift giving. If you need to, try and
reduce spending in certain areas like eating out less, or not
going to the convenient store as much for certain items.”
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Preparing ahead of time is the key to a successful holi- Courtesy photo
day budget.
budgeting or with finances, come in and talk to us. We can
“Planning for a holiday budget begins in January and help you create a spending plan. We have techniques and
not in November or December,” Carmichael said. ”Part tools to help you succeed.”
of an overall budget is to have a savings plan but also
Christmas comes every year; we know when it comes. So For more information, call the A&FRC at 623-856-6550.
it’s a matter of planning ahead and putting something In addition to having trained financial counselors, they
away toward that, whether it’s for retirement, vacation have free publications, guides, classes and other resources
or for Christmas gifts.” to answer all questions concerning finance. The A&FRC
also provides one-on-one appointments.
It takes consistency and discipline to save for the holi-
days.
“I recommend someone to make a goal of how much they
want to save specifically for holiday gifts in the beginning of
the year,” Griffin said. “So say someone has a goal of saving
$600 for gifts, they would then need to save $50 per month
till December to reach that goal.”
Additionally, one could figure out how much to save by
using a spreadsheet to list who they want to purchase a
gift for, what the gift is and the cost of the gift, Griffin said.
Then after writing the list out, total the amount it will cost
for the gifts.
“The best part of using a holiday budget is it keeps you
on track for the following year and you’re not falling behind
on bills and making minimum payments on your credit
cards,” Griffin said. “If you’re having a difficult time with
NEVER GIVE UP
UNTIL THEY BUCKLE UP.