Julia Guerrero EDINBURG– The holiday season is here bringing extra spending and financial struggle for many families. What can you do to alleviate the stress of budgeting during the holidays?
According to the U.S. Census Bureau, last year’s estimated department store retail sales for December was $17.3 billion. With the expected increase in sales for this December, what are some ways people can plan for their holiday budgets?
Liz Shamlian, Financial Adviser, said an initial way to build a budget is to start saving small amounts throughout the year and create a savings account.
“The extra money, I mean you’d be surprised putting away five, $10, $20 and before you know it, you have a couple of thousand just put away,” Shamlian said. “As far as getting prepared for the holidays. If you do want to put a little bit of money away every month that way you have that you know just for gifts. That way it doesn’t hit you so hard at the end of the year.”
Shamlian said making a list and checking it twice is a way to help keep your budget on track. She shared a few tips to help this holiday season and encourages, acts of service instead of gifts, taking cash to pay instead of cards, sticking to the cash budget and starting a savings account to get a jump start on next year’s budget.
Stephanie Ann Garcia, Psychology sophomore, said organizing and planning out bills and everyday necessities helps to not overspend during the holiday season.
“I try to organize and schedule everything. Like I literally can turn around and look at my calendar and I already have the month scheduled out,” Garcia said. “I have everything set up from the bills to appointments to what’s going to be needed, what’s going to take place so that has helped me a lot.”
Garcia said there are resources available to assist those in need, including churches that provide financial assistance and gifts for the holidays, as well as food pantries such as the one on campus.
Shamlian and Garcia encouraged people to plan and be mindful of spending and accept assistance when needed to help alleviate the stress of holiday budgeting and it will just maybe make the season a little more joyful.
