With the average holiday spender accruing over $1,000 in debt in 2023, it’s crucial to have a handle on your budget as we enter the holiday months. However, the hustle and bustle of the holiday season can make managing your finances more challenging. Luckily, Ascend is here to help! We’ve put together a simple, step-by-step guide that will help you control your budget, ensuring you don’t overspend this holiday season. We even have a few tips that will help you automate the process!

Utilize Ascend’s Budget Worksheet
To start, consider using Ascend’s free budget worksheet. This simplifies the setup process by providing you with a template where you can input your income and expenses. This goes a long way in helping make budgeting more manageable!

Once you have a clear picture of your finances, create a specific holiday budget. List all the expenses you anticipate, including gifts, decorations, food, and travel. Having a plan will help you avoid impulse purchases.

Review Your Current Spending
Take a look at all the expenses you’ve accrued over the past month. Allocate a realistic amount to all your necessary expenses, and of course, be sure to set aside some money specifically for holiday spending. Then, identify where you can trim back. Maybe there are some subscription services you haven’t used in a while, or maybe you get fast food more than you realize. Reducing those small but frequent transactions may not seem like much, but they can add up and go a long way as you’re buying gifts for loved ones and preparing for holiday celebrations.

Track Your Expenses
Throughout the holiday season, keep a close eye on your spending by using the Ascend digital banking platform, and compare your spending with your budget worksheet. If you find yourself spending too much, you can course-correct before putting a major dent in your finances.

Automate the Process
If you’re an Ascend member, you can use our digital banking platform to set scheduled transfers each payday. By automatically transferring a chunk of your income to your desired holiday account, whether it’s a savings, checking, or Christmas Club, you can make holiday budgeting effortless!

By taking these steps to tighten your budget, you can enjoy a fulfilling holiday season without financial stress. Click here to schedule a free financial checkup with a certified Credit Union financial counselor. For more information, check out our free financial education course on budgeting.