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How To Set a Budget for a Family Tradition

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You can alleviate 90% of the stress you feel when planning a family vacation or the holiday season if you budget for it. Setting up a budget for family events throughout the year is as important as setting the time and date. You can know what you want to do and when, but it isn’t going to happen – or it won’t be any fun - if there are no funds.
Difficulty: Average
Time Required: 2 hours

Here's How:

  1. Take a look at what you spent on the event the previous year or if this is the first time, estimate how much it will be. This is your cost.

  2. Do some research. Evaluate the price tag and see if there is any chance of going up before the event. If so, add that amount to your cost.

  3. Calculate how much time, in weeks or by pay schedule, you have before the family event.

  4. Divide your cost by how many weeks, or how many pay periods, you have to save for it.

  5. Open a special bank savings account where you can transfer the amount so that it is not sitting with your money for expenses.

  6. Every time you get paid, pay yourself first by transferring your budgeted amount into your savings account.

  7. Don’t give up. If your household budget gets tight, let it be a little tighter. Family traditions form a sense of unity in the family. Your children need that – and so do you.

Tips:

  1. Start now!

  2. If the amount is too much for you to save weekly, you’ll need to re-evaluate the event or find a side job to bring in some extra income.

  3. Would you give your teen their own credit card?

    See the poll results.

  4. Parenting Quizzes for Parents of Teens

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