{"id":12194,"date":"2024-11-01T07:00:00","date_gmt":"2024-11-01T11:00:00","guid":{"rendered":"https:\/\/baycoast.bank\/?p=12194"},"modified":"2024-11-06T13:42:34","modified_gmt":"2024-11-06T18:42:34","slug":"holiday-budgeting-101","status":"publish","type":"post","link":"https:\/\/baycoast.bank\/en\/insights\/holiday-budgeting-101\/","title":{"rendered":"Holiday Budgeting 101"},"content":{"rendered":"<div class=\"lazyblock-resource-hero-Z2ujvPt wp-block-lazyblock-resource-hero\"><div class=\"noHero\" style=\"height: 10rem;\"><\/div>\n\n<div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"smallWrapper gutenberg\">\n\t    \n\t    <div class=\"categories flex\" style=\"justify-content: flex-start;\">\n\t\t\t<div class=\"h6\" style=\"margin-right: 2rem;\"><a href=\"https:\/\/baycoast.bank\/resource\/insights\">Insights<\/a><\/div>\n\t\t\t\t\t\t\n\t\t\t<div class=\"primaryColor dot h6\" style=\"transform: scale(2.2); \">\u00b7<\/div>\n\n\t\t\t<div class=\"h6\" style=\"margin-left: 2rem;\">\t\t\t\tNovember 1, 2024        \n\t\t\t<\/div>\n\t\t<\/div>\n\t    \n\t    <h1 class=\"h2 blue bgWhite\" style=\"max-width: 50rem\">Holiday Budgeting 101<\/h1>\n\t    \n\t    <hr style=\"margin-bottom: 7rem;\">\n\t  \n\t<\/div>\n\t\n\t<div class=\"wrapper\" style=\"justify-content: center; max-width: 90rem;\">\n\t\t<div style=\"width: 100%; position: relative;\">\n\t\t\t<img decoding=\"async\" src=\"https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero.jpg\" role=\"img\" aria-label=\"Holiday Budgeting 101\" style=\"width: 100%; height: auto;\" \/>\n  \t\t<\/div>\n\t<\/div>\n<\/div>\n\n          <\/div>\n\n<div class=\"lazyblock-interior-content-KQzCs wp-block-lazyblock-interior-content\"><div class=\"spacer\"><\/div>\n\n<div class=\"section\">\n\t<div class=\"paddedWrapper\">\n\t\t<div class=\"wrapper flex gutenberg\" style=\"justify-content: center;\">\n\n\t\t\t\n\t\t\t<div class=\"smallWrapper gutenberg\">\n\t\t\t\n\t\t\t\t<div class=\"h3\">It\u2019s easy to get caught up in the magic of holiday spending.<\/div>\n\t\t\t  \n\t\t\t  \t<hr style=\"margin-bottom: 5rem;\">\n\t\t\t\t\n\t\t\t\t\n\n<div class=\"wp-block-stackable-text stk-block-text stk-block stk-55dec40\" data-block-id=\"55dec40\"><style>.stk-55dec40 {margin-bottom:35px !important;}<\/style><p class=\"stk-block-text__text\">But if you\u2019re relying on credit to make holiday wishes a reality, the magic often falls flat when your bills come due. Take the time now to create a holiday budget and avoid a post-holiday spending hangover.<\/p><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Be Realistic<\/h2>\n\n\n\n<p>The best thing you can do to curb your holiday spending is to set a realistic but firm budget.<\/p>\n\n\n\n<p>Most people spend around $1,000 on holiday merriment, according to the National Retail Federation. This amount includes gifts and holiday items, as well as spending on non-gift purchases, like family photos or special outfits for parties.<\/p>\n\n\n\n<p>But planning to celebrate the holidays and being able to afford them are two different things. A U.S. News &amp; World Report survey says an estimated 4 in 10 people plan to go into debt to finance gifts and travel.<\/p>\n\n\n\n<p>To create a holiday budget, start by looking at what you spent last year. Consider the impact that spending had on your budget\u2014for instance, were you paying off credit card bills for months after the holidays? Did you have to skip the family summer vacation because Christmas was too expensive?<\/p>\n\n\n\n<p>Be honest about the trade-offs that you\u2019re making with your current holiday spending. That will strengthen your resolve to stick with a budget this year.<\/p>\n\n\n\n<html>\n  <head><head\/>\n  <body>\n  <div id=\"create-a-holiday-budget\" class=\"__banzai-coach\"><\/div>\n\n<script>!function(e,t){var s=\"script\",a=e.getElementsByTagName(s)[0],n=e.createElement(s);n.async=!0,n.src=\"https:\/\/banzai.org\/coach\/styles.js?subdomain=baycoastbank\",a.parentNode.insertBefore(n,a)}(document);<\/script>\n  <\/body>\n<\/html>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-083703c\" data-block-id=\"083703c\"><style>.stk-083703c {height:15px !important;}<\/style><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Evaluate Individual Expenses<\/h2>\n\n\n\n<p>As you create a budget, look at each individual expense. Try to be as comprehensive as possible. Think about:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Gifts for immediate family<\/li>\n\n\n\n<li>Gifts for extended family<\/li>\n\n\n\n<li>Gifts for friends, neighbors, and coworkers<\/li>\n\n\n\n<li>Travel expenses like gas, flights, and hotels<\/li>\n\n\n\n<li>Food and party supplies<\/li>\n\n\n\n<li>Christmas cards<\/li>\n\n\n\n<li>Postage and shipping<\/li>\n\n\n\n<li>Gift wrap supplies<\/li>\n\n\n\n<li>Interior and exterior decor<\/li>\n<\/ul>\n\n\n\n<p>Add up what you plan to spend and determine whether or not that spending fits inside your budget.<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-970b9c3\" data-block-id=\"970b9c3\"><style>.stk-970b9c3 {height:25px !important;}<\/style><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Adjust Expectations<\/h2>\n\n\n\n<p>Choosing an appropriate budget may mean you need to celebrate in a different way than in years past. If this is true, have an open conversation with loved ones and let them know you need to opt out of traditional gift exchanges.<\/p>\n\n\n\n<p>Or arrange with family to do gifts of time and service instead of physical gifts. This isn\u2019t as exciting for younger family members, but older ones may appreciate help with decluttering or organizing spaces in their home, sifting through family photos, or another project.<\/p>\n\n\n\n<p>Spending money on someone or something in the past doesn\u2019t mean you must spend the same amount forever, especially if you have to go into debt to do so. <\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-a79928f\" data-block-id=\"a79928f\"><style>.stk-a79928f {height:25px !important;}<\/style><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Make a List and Check It Twice<\/h2>\n\n\n\n<p>Getting organized with your gift giving can help you take advantage of holiday sales and get the best prices on items. Keep track of your gift list and spending (there are apps for this!).<\/p>\n\n\n\n<p>You can also try an app to find the best price on popular items. Or, check prices between a few of your favorite online shopping sites. A few minutes searching can save you lots of money.<\/p>\n\n\n\n<p>If you plan to shop at brick-and-mortar stores, set aside a dedicated day for shopping instead of lots of little trips. This saves money on gas and helps curb impulse buys. Think through your driving route ahead of time, too.<\/p>\n\n\n\n<p>When you\u2019re finished shopping, stop looking at fliers, email promotions, deal websites, and in-store sale signs. That way you won\u2019t be tempted to buy whatever amazing deal pops up next.<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-c754d3a\" data-block-id=\"c754d3a\"><style>.stk-c754d3a {height:25px !important;}<\/style><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Cash Out Rewards<\/h2>\n\n\n\n<p>If you use a credit card with rewards points or cash back, the holidays are a great time to put those perks to good use.<\/p>\n\n\n\n<p>This feels like \u201cfree money\u201d you can use to purchase gifts, pay for travel, and more. Your card may even offer additional rewards or cash-back bonuses for spending at certain stores or categories. If this aligns with purchases you\u2019re already planning to make, why not take advantage of it?<\/p>\n\n\n\n<p>If you\u2019re in the market for a new rewards credit card, the holidays can be an ideal time to sign up. Many rewards cards come with bonuses for hitting a certain spending amount in a designated time period. But remember, while higher holiday spending can help you hit bonuses that may otherwise be a stretch, only spend what you can reliably pay off before interest hits. Spending money you can\u2019t afford to rack up rewards isn\u2019t a bargain in the end.<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-0fc0d91\" data-block-id=\"0fc0d91\"><style>.stk-0fc0d91 {height:25px !important;}<\/style><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">Plan for Next Year<\/h2>\n\n\n\n<p>If you\u2019re tired of feeling the holiday pinch, start saving for the next holiday season now.<\/p>\n\n\n\n<p>Break your targeted budget into doable chunks, whether that\u2019s a daily, weekly, or monthly amount. Finding $25 or $50 in your monthly budget is a lot easier than trying to find $300 or $600 when the holidays roll around.<\/p>\n\n\n\n<p>Even if you only plan to save half of the amount, you\u2019re still doing your future self a favor.<\/p>\n\n\n\n<p>Automate the process to make it even easier. Many financial institutions don\u2019t charge for additional saving accounts, as long as you have automatic transfers every month. Open a new account for holiday spending and set up recurring transfers that help you hit your target.<\/p>\n\n\n\n<div class=\"wp-block-stackable-spacer stk-block-spacer stk--no-padding stk-block stk-cbd48d4\" data-block-id=\"cbd48d4\"><style>.stk-cbd48d4 {height:100px !important;}<\/style><\/div>\n\n\n\n<p class=\"has-small-font-size\"><strong><em>Disclaimer<\/em><\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>While we hope you find this content useful, it is only intended to serve as a starting point. Your next step is to speak with a qualified, licensed professional who can provide advice tailored to your individual circumstances. Nothing in this article, nor in any associated resources, should be construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure that the information presented was correct as of the date the content was prepared, we are unable to guarantee that it remains accurate today.<\/em><\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.<\/em><\/p>\n\n\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n<\/div> <\/div>","protected":false},"excerpt":{"rendered":"<p>It\u2019s easy to get caught up in the magic of holiday spending.<\/p>\n","protected":false},"author":17,"featured_media":12195,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[39],"class_list":["post-12194","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-insights"],"acf":[],"featured_image_urls_v2":{"full":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero.jpg",2176,856,false],"thumbnail":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-150x150.jpg",150,150,true],"medium":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-300x118.jpg",300,118,true],"medium_large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-768x302.jpg",768,302,true],"large":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-1024x403.jpg",1024,403,true],"1536x1536":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-1536x604.jpg",1536,604,true],"2048x2048":["https:\/\/baycoast.bank\/wp-content\/uploads\/2024\/10\/coach-creating-a-holiday-budget-hero-2048x806.jpg",2048,806,true]},"post_excerpt_stackable_v2":"<p>It\u2019s easy to get caught up in the magic of holiday spending.<\/p>\n","category_list_v2":"<a href=\"https:\/\/baycoast.bank\/en\/.\/insights\/\" rel=\"category tag\">Insights<\/a>","author_info_v2":{"name":"knogueira","url":"https:\/\/baycoast.bank\/en\/author\/knogueira\/"},"comments_num_v2":"0 comments","publishpress_future_action":{"enabled":false,"date":"2026-05-02 06:08:36","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/posts\/12194","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/comments?post=12194"}],"version-history":[{"count":0,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/posts\/12194\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/media\/12195"}],"wp:attachment":[{"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/media?parent=12194"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baycoast.bank\/en\/wp-json\/wp\/v2\/categories?post=12194"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}