‘Tis the season for big holiday meals! As you create your grocery list, making sure you have everything you need for your grandmother’s recipes, make sure you’re sticking to a budget that fits your financial lifestyle. Whether it’s taking advantage of holiday sales, creating S.M.A.R.T goals to save, utilizing coupons, or turning your holiday feast into a potluck to cut back on your budget, let’s dive into ways to budget for big holiday meals.
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Plan Ahead and Make a List
One of the best ways to stick to your budget is to plan ahead. Start by making a comprehensive list of all the ingredients you’ll need for your holiday meal. Break down your menu and write out each item, including the quantities required. This will help you avoid impulse purchases and ensure you only buy what is necessary.
Using S.M.A.R.T. Goals for Holiday Budgeting
If you want to increase your budget for the upcoming holiday season it may be best to start saving money as early as you can. Using the S.M.A.R.T. method can help you save money. So what does S.M.A.R.T. stand for and how can it help me increase my budget for a holiday feast?
Being S.M.A.R.T. about your Budget
S.M.A.R.T. is an acronym that stands for Specific, Measurable, Achievable, Relevant, and Time-bound. Here’s how you can apply each element to your holiday savings plan:
- Specific: Define clear and precise goals for your holiday feast budget. Instead of saying, “I want to save money for the holidays,” be more specific and say, “I want to save $225 for a nice holiday feast.”
- Measurable: Track your progress by breaking down your savings goal into smaller, manageable milestones. For example, if you need to save $225 over 3 months, aim to save $75 each month. This makes it easier to monitor and stay on track. Be sure to celebrate the little wins along the way.
- Achievable: Set realistic goals that you can attain based on your current financial situation. Assess your income and expenses to determine how much you can comfortably set aside each month without straining your budget.
- Relevant: Ensure that your savings goals align with your overall financial objectives and priorities.
- Time-bound: Establish a clear deadline for reaching your savings goal. Create a timeline that specifies when you need to start saving and when you want to have the total amount saved. This helps create a sense of urgency and keeps you focused. If you want to shop early for deals and sales be sure to factor it into your budget.
By applying the S.M.A.R.T. method, you’ll be able to create a well-structured and effective savings plan that can help you increase your budget for a wonderful holiday feast. Start early, stay disciplined, and watch your savings grow, ensuring a festive and joyful season ahead.
Shop Sales and Use Coupons
Take advantage of holiday sales and discounts. Many grocery stores offer special deals on holiday staples like turkey, ham, gravy, and baking supplies. Keep an eye out for these promotions and plan your shopping trips accordingly. Additionally, clip coupons from newspapers, store flyers, and online coupon websites. Don’t forget about apps! Some stores have phone applications that contain exclusive in-app coupons and/or discounts. Combining sales with coupons can lead to significant savings. Lastly, although it may be convenient to do all of your shopping at one store it may not be good for your wallet. Make sure you are comparing the prices of your ingredients to multiple groceries stores near you.
Buy in Bulk
For items that you use frequently, consider buying in bulk. Wholesale stores often offer better prices on large quantities of products. Just make sure you have enough storage space and that you will use all of the items before they expire. Be realistic about what you buy in bulk regardless of the sale. Think items like flour for the bakers, napkins for the guests, or even commonly and heavily used seasonings.
Opt for Generic Brands
Generic or store-brand groceries can be just as good as name-brand items but usually come at a lower price. Make sure you compare the ingredients and nutritional information to make sure you’re not sacrificing quality for cost.
Host a Potluck
If you’re hosting a large gathering, consider turning it into a potluck. Ask each guest to bring a dish. This can significantly reduce the amount of food you need to prepare and purchase. This also adds variety to the meal and allows everyone to contribute their favorite holiday dishes. Even if most people only bring sides or beverages, that’s still some relief on your wallet, leaving you space to prepare the main course.
Avoid Last-Minute Shopping
Last-minute shopping could lead to higher prices. You’re also risking the ingredients you need being out of stock when shopping last minute. Try to complete your holiday grocery shopping well in advance to avoid the stress and expense of last-minute purchases. If you’re worried about forgetting something and needing a last minute shopping trip, factor it into your budget. Like an emergency fund but for a holiday feast.
Stretch That Budget: Use Leftovers Wisely
Utilize leftovers by incorporating them into your meal planning. Leftover turkey can become sandwiches, soups, or casseroles. This not only reduces waste, but also stretches your grocery budget further. For example, left over turkey, gravy, vegetables, and extra pie crust often make a lovely filling for a pot pie. Depending on the amount of left overs you have, bake 2 pot pies and place one in the freezer. You now have a pre-cooked dinner for whenever you need one.
Wishing you some great feasts this holiday season! For more financial literacy education, check out our upcoming webinars page on our website.
By following these tips and being mindful of your spending, you can enjoy a delicious and memorable holiday feast without breaking the bank. Happy holidays and happy budgeting!
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