What’s a system I can use when doing my holiday shopping?

The holidays can be a time of sensory overload – so much to do, so many events, lights, and people — that it’s easy to become overwhelmed. And, when people are stressed, it’s easy to overspend. To avoid spending more money than you want during the holidays, take time to create a spending plan system that works for you!

What do I need for an effective holiday spending system? I need:

  • To know how much money I want to spend;
  • To know who or what I want to spend money on;
  • A way to track spending; and
  • A way to keep track of what I’ve purchased.

Before you start shopping, think about what kind of system would work best for you. Do you like a(n):

  • app,
  • envelope,
  • small book,
  • budget sheet?

Any of these, and others, can work. Creating a holiday spending system can give you peace-of-mind and help you control your spending, including how much you charge on credit cards. For a free, one page, holiday spending plan form to help you go to http://go.illinois.edu/holidaymoney and click on Control Holiday Credit Card Debt.

Written by Kathy Sweedler, Consumer Economics Educator, University of Illinois Extension.

How can I get help building a budget or spending plan?

Creating a budget and sticking to it is difficult for a lot of people, but there are so many tools you can use to both create a plan and track your spending that there’s no reason not to do it! Like with any other life skill, you just have to make it work with your own lifestyle, values and preferences.

Budget & Spending Plan Tools: Both the Student Money Management Center and University of Illinois Extension’s Financial Wellness for College Students have budgeting and expense-tracking resources for you to use.

Let us know if you have other questions about the best tools to use to build your budget and track expenses! You can even request an individual financial coaching session with the Student Money Management Center by completing this form or with the financial Wellness for College Students peer educators by emailing financial.wellnessuie@gmail.com to set up an appointment.

Be in the know. Stay updated on important events and activities at the University of Illinois to help build your financial future by subscribing to one of our e-newsletters. Each e-newsletter caters to your unique needs! Subscribe below:

Students

Parents

Staff & Faculty

To learn even more about how to manage your finances while in college, including what to look for in a financial institution, you can watch another recorded webinar, Cash at College: Spending, Saving & Student Loans.

credit 2.png