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5 Easy Budgeting Steps for the Holidays

Hi, I’m Bud Milligan, CFP® professional and wealth manager with Milligan Wealth Management. If the holidays leave your wallet lighter and your credit cards heavier, stick around—this video will teach you a practical, proven plan to enjoy the season without the January regret. I’ll walk you through simple budgeting moves, the debt traps to avoid, and three easy systems you can put in place today. The holidays are emotional spending season. We buy for tradition, for connection, and sometimes to prove we care. That’s fine—spending on meaningful experiences is worth it. The problem is when emotions create debt that takes months to repay. Debt reduces your choices. My goal is to help you keep what matters and ditch what costs you later. Step one: Decide your total holiday budget first. Not per person, not per shop—your total. • Start with a single number you’re comfortable spending this season. • Break it into four buckets: gifts, food and hosting, travel, and miscellaneous. • Allocate an emergency buffer of about 5 percent inside that total for surprise expenses. Example: If your number is $1,000, you might do $500 gifts, $250 food and hosting, $150 travel, and $100 misc with a $50 buffer. The exact split depends on your priorities, but the point is one overall cap you won’t exceed. Step two: Protect yourself from the most common debt traps. • Avoid minimum-pay mentality on cards. Paying only the minimum turns a short-term purchase into long-term interest pain. • Beware Buy Now Pay Later. It sounds free, but missed payments or multiple plans stack up fast. • Resist last-minute impulse buys. Urgency is the marketer’s best friend. If you must use credit, treat it like cash. Charge only what you’ve already budgeted for and plan to pay off when the statement arrives. That keeps interest and stress out of the picture. Step three: Shop smarter, not less. • Make a gift list and assign each recipient a budget line. No exceptions. • Use price-tracking tools and set alerts for the things you want. • Consider experience gifts and consumables—often higher value, lower clutter. • When you see a sale, ask if it’s a real discount or just marketing. Compare prices quickly before you click. Small planning steps here can cut your gift spend dramatically without reducing joy. Step four: Automate or pre-fund your holiday plan. • Open a separate “Holiday” savings account or sub-savings. Automate a weekly transfer so you don’t feel the pinch in December. • If you get a bonus or tax refund, allocate a portion to this account before you start spending. • Use a prepaid card or debit card for holiday purchases to enforce the budget cap. Pre-funding removes decision fatigue and keeps you from relying on credit when the season ramps up. Step five: Plan your January reset. • Schedule one day after the holidays to reconcile spending. List every purchase and compare against your budget. • If you have a balance, map a 3-month payoff plan prioritizing high-interest debt first. • Rebuild your holiday fund for next year so the cycle breaks. This short post-holiday ritual is what turns good intentions into lasting financial habits. Let’s recap the five moves that make this holiday different: 1. Set one realistic total holiday budget. 2. Protect against debt traps—no minimum-pay habit and cautious Buy Now Pay Later use. 3. Shop with a list and price checks. 4. Pre-fund or automate your holiday account. 5. Do a January reset and payoff plan. Use this checklist and you’ll celebrate without sacrificing progress toward your financial goals. If you found this helpful, hit like and subscribe, and share it with others—every week I share practical steps for smarter money decisions, and your subscription let’s you know when the latest video is released. Also, click the website link and go to my website at milliganwealth.com, for more holiday videos and financial tips. Additionally, you can schedule some time with me to review your plans and goals by clicking on the “Let’s Talk” link. I’m Bud Milligan, Your Financial Bud. Have a joyful, debt-free holiday.