Skip to Content
Close Icon

Beachwood Office (216) 359-5580 Open Geo Locator

Your Preferred Branch

Beachwood Change Location

25201 Chagrin Boulevard
Suite 120
Beachwood, OH 44122

Phone: (216) 359-5580
Fax: (216) 359-5581

View Driving Directions

Change Preferred Branch

  • Beachwood Office
    25201 Chagrin Boulevard, Suite 120 - Beachwood

  • Chardon Office
    348 Center Street P.O Box 1078 - Chardon

  • Cortland Office
    3450 Niles-Cortland Road - Cortland

  • Dublin Office
    6215 Perimeter Drive - Dublin

  • Garrettsville Office
    8058 State Street - Garrettsville

  • Lake County Loan Production Office
    8373 Mentor Avenue - Mentor

  • Mantua Office
    10519 Main Street, P.O. Box 648 - Mantua

  • Middlefield - Main Branch Office
    15985 East High Street, P.O. Box 35 - Middlefield

  • Middlefield - West Branch Office
    15545 West High Street. P.O. Box 35 - Middlefield

  • Newbury Office
    11110 Kinsman Road, P.O. Box 208 - Newbury

  • Orwell Office
    30 South Maple Street, P.O. Box 66 - Orwell

  • Plain City Office
    490 South Jefferson Avenue - Plain City

  • Powell Office
    10628 Sawmill Parkway - Powell

  • Solon Office
    6134 Kruse Drive - Solon

  • Sunbury Office
    492 West Cherry Street - Sunbury

  • Twinsburg Office
    2351 Edison Boulevard, P.O. Box 560 - Twinsburg

  • Westerville Office
    17 North State Street - Westerville

Contact Us

Blog

Home Blog How To Set Up Your Holiday Budget

How To Set Up Your Holiday Budget

Posted On: November 11, 2019 by The Middlefield Banking Company in: Budget Family Savings

How To Set Up Your Holiday Budget

The holidays set back many Americans into debt every year. Last year, the average incurred per person was around $1,000. It’s never too early to start deciding what your holiday budget will be so that you aren’t fretting over overwhelming debt in the new year. If you haven’t set up a budget before, the holidays are a perfect place to start. 

1. Start with what you have. 

Every budget should begin by calculating what you have. This means having an exact tally on what income you and your household bring in each month. If your income is irregular, take the average of what you have brought in the last few months. You can’t know how much to budget for if you don’t have an idea of what you have coming in each month. 

2. Take note of every current expense. 

What are you really spending each month? Some people like to play the “ignorance is bliss” game, but it makes having a budget and comfortable savings nearly impossible. Review your bank transactions from the last few months and write down every bill you can expect to come in. What are you spending your money on? Are there areas where you can cut back? Some people don’t even realize how many subscription services they are signed up for and these monthly dues add up. Organize all of your bills either in an online spreadsheet or a piece of paper. 

3. Calculate the surplus.

Now, take that income and subtract your monthly expenses. Do the numbers surprise you? Whatever is left over doesn’t mean you can spend it all on the holidays. You need to now categorize the additional money. 

4. Allot an item to each dollar. 

Every dollar in your bank account should be accounted for - whether that be emergency savings, bills or holiday shopping. It’s up to personal preference, but you should consider what your goals are beyond the holiday season before you contribute a large amount of your savings towards the season. 

5. Plan!

Now that you know how much you are willing to save and spend on the upcoming holidays, it’s time to get specific on those purchases. If you’re buying gifts for people and this is a top priority for you, set a dollar limit on each person. If food or traveling this season is more important to you, set a limit. Being over-prepared can take the stress away from this fun time of year. Knowing your limits will help to challenge you in creativity and self-control. 

If you need help setting up a savings account, give us a call so you can be ready for this holiday season!

0 comments