It’s less than two months before Christmas, and you can still make sure that every dollar counts. Expenses during the holiday season can go out of hand, especially when you don’t stick to a budget. Foresight, commitment, and discipline will make you win in the rush of money this coming holiday madness. If you make a solid plan beforehand, you won’t have to worry about losing too much cash for unexpected reasons.

Here’s a step-by-step guide to make sure that you cover all bases in Christmas budgeting.

1. List Down Incoming and Outgoing Cash

List down all the things you need to spend on – stocks, wages, bills, payments to vendors, and others. As for income, check out last year’s sales for a projection of this year’s sales. 

You can also make a projected cash flow from the expected income from your stocks prepared for Christmas. However, you will never know if all of your stocks will be sold. It’s best that you determine other sources of potential income from your business or personal projects. Anything extra that you can earn will help you cover other expenses.

2. Plan Ahead for Bigger Expenses

The big expenses for small business owners this Christmas would usually be bonuses for employees, company parties, vacations, gifts, and paying invoices. Take note of those which will take out a big chunk from your income. If you encounter a cash crunch, seek out help and inform your vendors. 

3. Set Aside Money for Contingencies

One thing’s for sure on the days leading to Christmas – there will be reasons that you’ll get to spend more money than what you have anticipated. One effective way to solve this is to set aside a fixed amount of money for miscellaneous expenses. Stick to this budget and don’t spend anything beyond that. When you allow yourself to have a fixed budget, your spending won’t go out of hand. 

4. Take a Look At Your Overall Budget, Then Adjust 

Take a look at your overall list of income and expenses. You can do this in a spreadsheet where it will automatically calculate things for you, or with a budgeting app. Which expenses can you go without? Curtail those unnecessary expenses, or delay paying for them by next year. Another thing to ask yourself is: how can you further boost your income this year? What are the other ways you can supplement your income for you to have more cash reserves? Amplify your savings by lessening expenses and finding ways to improve your income. 

5. Pro Tip: Get a Business Loan While You Have Peak Sales in Business

Financial advisors highly recommend that the best time to get a small business loan is during the busy season. Paying off a loan becomes easier when you have a bigger cash flow. The loan can also be particularly useful when the slow period starts after the holidays. It’s part of planning in advance when the heat starts to turn down during the first part of the new year. 

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You can take out the hassle in finding the right lender and business loan through the smart proprietary software of Bizzloans. We match you with the perfect financial product out of hundreds available in the market. You can get the funding you need for the holidays within just 24 hours by getting a free quote below.


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