review budget prepare holidays

Review Your Budget To Prepare For The Holidays And Prevent Debt

It's December already, which means it's time to get into the festive spirit (if you weren't already). However, it isn't wise to go full force into the festivities until you have wrangled your budget under control.

It needs reviewing to ensure you prevent debt over the holidays. We review everything you need to know about preparing your budget so you can have a financially healthy Christmas this year. 

7 Steps To Reviewing Your Budget To Prepare For The Holidays


avoid holiday debt

1. Make Sure It's Short And Sweet

It's easy to get carried away and fill your budget with loads of restrictions and requirements. However, you'll be less likely to follow your holiday plan if it looks too daunting. So, aim to keep it short, sweet, and simple.

That said, no two budgets are alike; everybody has different financial environments and spending priorities. Consider the following just a few of the things your Christmas budget may include:

  • A tally for your per-person gift spending
  • The amount dedicated to festive accessories and clothing
  • How much you want to spend on food and decorations
  • A list of travel expenses

Assigning a dollar amount to every category is the best way to go. You're boosting your chances of success with a per-category budget.

2. Ensure It's Realistic

You want a debt-free Christmas. Therefore, ensuring the amounts you've assigned to each category are realistic is the most important part. Giving yourself room to spend more than you can afford could cause you to stumble down a very slippery slope.

Despite making a holiday budget, it's important that you can still cover your bills (e.g., water, electricity, gas, general food, mortgage/rent). So, review the decisions you made in step one to guarantee they align with your income.

3. Create A Gift List And Stick To It

Impulse buying is a sure-fire way to spend much more than you planned. To avoid this unnecessary splurging, craft a detailed gift list by:

  • Prioritizing recipients
  • Allocating specific amounts to each person
  • Considering budget-friendly yet thoughtful gifts

4. Avoid Buy Now, Pay Later Schemes To Prevent Debt

Credit options that let you buy now and pay in a few months' time are easy to use, but they can lead to post-Christmas debt. So, use cash or a debit card to buy gifts this holiday season. If you must use credit options, ensure you pay off the full balance every month to avoid late payment fees and prolonged interest accumulation.

5. Look At Last Year's Festive Spending

If you made a few financial mistakes last year, learn from them. Consider what happened in 2022 and put plans in place to prevent less-than-ideal scenarios. Think about whether your gift recipients enjoyed all their presents and purchased just-as-useful items this year.

6. Use A Mobile Banking App To Track Spending

Mobile banking apps have made tracking spending incredibly easy. While Christmas shopping, keep the app open and input your purchases as you go. That way, you can put things back if you've gone over budget, preventing any miscalculations.

7. Understand How To Handle Unexpected Expenses

Even after you've expertly reviewed your budget to get ready for the holidays, emergencies could still arise. While that won't be such an issue if you have enough in your savings pot to cover the unexpected occurrence, it could be budget-destroying if you don't.

So, to keep your holiday spending on track, you could turn to an auto pawn from us at Georgia Auto Pawn, Inc. — it's a safe, convenient way to borrow up to $15,000 (depending on the value of your vehicle) to pay for medical bills, vet fees, home repairs, or a higher-than-anticipated utility bill.

Unlike loans from traditional banks and lenders, you won't have to wait weeks upon weeks for your funds. Instead, you will receive the money you qualify for in as little as 24 to 48 hours!

If you have tried other ways to generate money to pay for the emergency but without any luck, you may qualify for a title pawn by providing your:

  • Vehicle for inspection,
  • Lien-free vehicle title, and
  • Driver's license or state-issued identification.

You don't need to have a good credit score, as we use the value of your vehicle to establish how much you can borrow. So, feel free to complete our online form, regardless of your financial background. Just keep in mind that you must own your vehicle outright to qualify.


holidays budget

Get A Vehicle Pawn From Georgia Auto Pawn, Inc. to Cover Emergency Expenses Today!

By following our seven steps above, you'll have a budget for the holidays to prevent debt. Ultimately, this will afford you a financially stress-free festive period — you've got nothing but merriment to look forward to!

That said, if an emergency arises that you don't have the funds to cover, you can turn to a vehicle pawn from Georgia Auto Pawn, Inc. Just complete the online form and we'll be in touch.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.