Thanksgiving may be behind us, but the holiday season is still in full swing—and for many, that means increased spending on gifts, travel, and celebrations. Now is the perfect time to take a step back and review your budget to ensure you stay on track financially through the end of the year. With a few strategic adjustments, you can balance holiday cheer with financial stability.

1. Reflect on Thanksgiving spending

Start by reviewing what you spent over the Thanksgiving holiday. Did you stick to your budget, or did costs like food, travel, or hosting stretch beyond what you planned? Understanding where your money went can help you anticipate and adjust for December expenses.

2. Plan for holiday expenses

December is notorious for extra spending—gifts, parties, and end-of-year donations can quickly add up. Take time now to list upcoming expenses and set limits for each category. If you already have a holiday fund, decide how much of it you’ll allocate to these costs.

3. Cut back where you can

If your Thanksgiving spending ran high or you’re feeling stretched, look for areas in your budget where you can cut back to balance things out. For example, consider:

• Skipping small luxuries like daily coffee runs.

• Scaling back on non-essential subscriptions for the month.

• Finding creative, low-cost gift options.

Every little bit helps keep your finances on track.

4. Review monthly recurring expenses

Now is also a good time to revisit your recurring bills. Are you paying for services or subscriptions you no longer use? Canceling unused memberships or negotiating better rates on utilities can free up cash for other priorities.

5. Prepare for end-of-year financial goals

If you have specific year-end goals—such as maxing out retirement contributions, boosting your emergency fund, or paying down debt—factor those into your budget. Even small steps now can set you up for success heading into the new year.

6. Keep an eye on credit cards

Holiday spending often leads to higher credit card balances. Monitor your spending closely to avoid overspending and aim to pay off as much as possible each month to reduce interest charges.

7. Set yourself up for 2025

As you review your budget, think ahead to the new year. Are there habits or adjustments you want to carry into 2024? Building a realistic, sustainable plan now can help you start the year with confidence.

Final thoughts

The holiday season doesn’t have to derail your financial progress. By taking time to review your budget and plan for upcoming expenses, you can enjoy the festivities while staying in control of your finances.

Need help creating a year-end financial plan? Our team is here to help you review your budget, optimize your spending, and prepare for a strong start to the new year. Contact us today to schedule a consultation!