Our Guide to Staying on Budget During the Holidays

Feb 25, 2021

We have now entered the holiday season, also known as the season of unconditional giving. No matter what you're giving your loved ones this season, whether material gifts or quality time, one thing that you will do is spend money.

Since we're in the middle of a pandemic, how we celebrate the holidays will be quite different. Many people in the Black community have lost their jobs, had significant cuts in their paychecks, or are still adjusting to the new normal lifestyle.

Because of this, families have made adjustments to the way they're celebrating the holidays, such as socially distanced gift-giving and making meals to send to families and friends.

And for this reason, it's essential to make a holiday budget plan so you won't go overboard on expenditures. Some people even hire Black financial advisors who understand their financial situation to help them with their financial woes.

If you're worried about your holiday expenses, you've come to the right place. This article is our guide to staying on budget during the holidays. Let's begin!

Make a list and check it twice

One of the most effective ways of staying on budget during the holidays is creating a list of your expected holiday expenses. From all the expensive items to the tiniest inexpensive gifts, make sure to document every single purchase early on. 

Besides gifts and treats, make sure that you include shipping costs, travel expenses, grocery lists, packing supplies, and holiday decorations. By doing this, you get a general overview of all the things that you'll be spending on, and you'll be able to make the necessary cuts along the way. 

Set a spending limit and be strict about it

When you establish a holiday budget and set limits, you'll be forced to spend within your means. Although splurging on items can be tempting, it's important to focus on what your budget will allow. 

When setting a spending limit, make sure that you take into consideration your monthly bills and expenses. This way, you won't have to worry about your daily necessities on top of your other holiday purchases.

If you're worried that you might go over your budget, it's best to speak with Black financial advisors who can suggest various approaches to stick to your financial needs. Some of them will advise you to use a cash-only method to prevent spikes in your credit card debt, which could ultimately give you a tricky start to your new year.

Watch out for holiday promotions and deals

The great thing about the holiday season is that there will be deals and promos in every corner, giving you opportunities to buy in bulk for very reasonable prices. With a bunch of holiday days coming in the next month, make sure to take note of e-coupons and deals when you buy.

And as mentioned earlier, track down your expenses in your list, including discounts. This way, you'll be able to see how much you've saved and maybe find that you have extra cash in your budget to spend!


Make it a habit to create a holiday budget every year so that you won't get overwhelmed about all the expenses you'll need to make during the holiday season. Once you've gotten into the groove of creating budgets, you'll be able to save more and spend efficiently.

For some people, creating a budget for the holidays and your daily expenses can be challenging. Because of this, you must connect with a Black financial advisor to help you build an effective budget plan perfect for your lifestyle and the holiday season.

If you're looking for the best finance blog to guide you through all your financial needs, visit Urbanwallet®. We provide excellent and up-to-date finance-related content to our clients and the Black community. Check out our articles today!

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