Tis the Season to Prepare Your Holiday Budget

September 20, 2024

Key Takeaways:

  • Preparing an effective budget ahead of the holiday season is about more than just saving money—it’s also about reducing stress by taking control of your finances.
  • Start your budget by looking back at your financial activity from last year and setting realistic expectations for this holiday season.
  • Holiday expenses often exceed our regular budget, so finding ways to bring in extra income can help relieve the pressure.
  • Unnecessary subscriptions and expenses tend to pile up throughout the year, and now is the perfect time to trim down and free up money for the holidays
  • The holiday season can also bring additional winter expenses, and planning ahead can insulate your budget from unexpected losses


‘Tis the Season to Prepare Your Holiday Budget


While the holiday season may seem far away, the reality is there’s not much time left to prepare. If you’re reading this in September, you likely only have 6 or 7 paychecks left until Christmas; October, you’re down to 4 or 5; if it’s November, or if you’re paid monthly, you have even fewer income opportunities to prepare your finances. No matter when you’re reading this, now is the time to prepare your winter budget. Below are a few tips from ‘The People you Know’ that can help you get control of your seasonal budget before it’s too late.

1. Know What to Expect in Your Future Forecast

The most difficult part about setting a budget (especially a holiday budget) is accurately forecasting future spending. Start your budget by looking back at your financial activity from last year and setting realistic expectations for this holiday season.

  • Review your financial statements from late 2023 and early 2024 to see where your money went and what expenses you might expect to repeat this year. Also consider how life events may have changed and how they may affect your income and expenses.
  • Look at your monthly expenses right now and compare to end of year 2023 to reveal areas where you can trim your spending, capitalize on variable expenses, and learn where you might overspend during the upcoming holidays.
  • Post-holiday debt: The sting of overspending on Christmas often isn’t felt until January or February, so be sure to review statements from early this year as well. This data may help you avoid repeating the same mistakes.


Diana Delaunay, TRB’s Senior Branch Sales Officer, teaches that “Preparing an effective budget ahead of the holiday season is about more than just saving money—it’s also about reducing stress by taking control of your finances. The holidays always bring big expenses, but they’re usually predictable. The earlier you start, the better positioned you’ll be to enjoy the holidays without the burden of financial worry.

2. Look for Ways to Make a Little Extra

Holiday expenses often exceed our regular budget, so finding ways to bring in extra income can help relieve the pressure. Beyond traditional side hustles, there are some quick ways to earn money before the holidays hit.

  • Freelance or gig work: If you have spare time, consider picking up freelance work or simple everyday tasks like mowing lawns, babysitting, or courier services to earn some quick cash.
  • Sell unused items: Take a hard look at items you own (especially expensive ones) and assess if they hold any value and if you regularly use them. If you have old furniture, appliances, electronics, toys, or clothes, that are not being used, now is the time to sell them online or host a garage sale.
  • Apply for seasonal work: many retail stores are now offering seasonal work. If you or someone you share a budget with have time available, apply for additional part-time temporary work to inject new life into your income potential.

3. Fine-Tune Your Expenses

As the year progresses, unnecessary subscriptions and expenses tend to pile up. Now is the perfect time to trim down and free up money for the holidays.

  • Review recent account activity: Take a close look at your spending from the last few months to avoid surprises in the upcoming holiday season.
  • Revise your ongoing subscriptions: To rein in discretional spending, clear out old subscriptions or services you no longer need, and consider downgrading to lower-cost plans as a temporary savings measure.
  • Reevaluate fandom expenses: Fall football may be in full swing, and seasonal sports can easily become a weekly expense that adds up. Consider holding back on fandom-related spending today to save for more important holiday events in the near future.
  • Prioritize the holidays that matter: Consider scaling back and spending less on the holidays your family enjoys less and re-allocate those funds to the holidays your family cares about the most. This will make the holidays that matter to your family more effortless and memorable by making them more financially stable.

4. Plan for Seasonal Surprises

The holiday season isn’t just about gifts—there are often additional winter expenses that catch many by surprise. Planning ahead can insulate your budget from unexpected losses.

  • Book holiday travel early: If you’re planning to travel for the holidays, booking your airfare and hotel now can save you money when you depart.
  • Account for winter-only costs: Winter expenses like clothes, home maintenance, and vehicle services can sneak up on you. Start budgeting for these costs now to avoid a financial crunch.
  • Prepare your home and vehicles for winter: Get your heating system serviced, ensure your vehicle is winterized, and take care of any pending home maintenance. For those in warmer regions, like Texas, remember that even though the AC has worked overtime during summer, the heater will need attention soon.
  • Consider your revolving annual expenses: Get ahead of annual predictable expenses and budget them now. Annual taxes, or even car registration renewals, can be burdensome to your budget if they’re unexpected. Consider taking care of them now or setting aside partial funds to spread out annual expenses you may incur near the holidays.

Don’t Wait for Winter

The holiday season can bring unexpected financial stress, but by starting early, reviewing past habits, cutting unnecessary expenses, and finding ways to bring in extra income, you can be better prepared for the months ahead. Whether you’re saving for gifts, winter travel, or simply bracing for end-of-year expenses, taking action now will ensure a smoother and more enjoyable holiday season for your whole family.

For additional help creating a budget, choose a budgeting tool that works for you or use TRB’s Monthly Budget Template. For more personal finance tips, visit the Personal Finance Archives – Texas Regional Bank.

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Texas Regional Bank is a privately owned institution that was founded in South Texas with the goal to bring a locally-owned, relationship style bank back to the communities we serve. TRB is committed to building a relationship with our customers by providing exceptional customer service, financial products, and mobile and online banking.