This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BMO Harris Bank Financial Tip Of The Week: Holiday Budgeting Tips





CHICAGO, Nov. 8, 2012 /PRNewswire/ -- As part of BMO Harris Bank's ongoing commitment to financial literacy and Helping Make Money Make Sense, BMO Harris is providing weekly financial tips. This week's tip gives you advice on how to create a holiday budget.

From the North Pole to the Midwest, this time of year, everyone is making lists – and yours should focus on your holiday expenses. Setting a budget helps you prepare for these extra costs and knowing what to expect can help give you peace of mind.

Unfortunately, many people make the mistake of not planning ahead. This often leads to overspending and paying off a hefty credit card bill throughout the next year. However, a bit of advance preparation and budgeting can help you avoid these situations.

BMO Harris Bank recommends including the following in your holiday budget:

  • All gifts – big and small – Include anyone you may need to purchase a gift for, such as your spouse, children, parents, best friend, boss, babysitter, etc. Making a list helps you avoid forgetting anyone as well as decide how much to spend on each person. This way you won't end up spending $100 on one of your kids and only $50 on the other ones. Also, remember to set aside a small amount for wrapping paper, ribbon, gift tags and other trimmings.
  • Cards and postage – Whether you buy boxes of cards at a discount store, print them off on your home computer or use photo cards from a photography studio, you need to account for the expense. Don't forget to include postage – depending on how many cards you send each season, this could end up being a significant expense.
  • Decorations – Decking your halls for the holidays can add up. Trees, wreaths, garland, ornaments and yard decorations should all be included in this section of your budget.
  • Entertaining – If you're hosting a formal dinner party, casual open house or intimate family gathering, chances are you'll encounter expenses such as food, beverages, invitations and favors. Make sure all of these are included in your budget so the only thing unexpected is an extra guest or two.
  • Travel – Airfare, lodging, car rentals, dining out and tips need to be included within your travel budget. Even if you are only driving to your sister's house a few hours away, make sure you account for gas expenses. With today's prices, even a simple day trip can add up quickly.

For more helpful tips visit, http://helpingmakemoneymakesense.com/

Helping Make Money Make Sense is brought to you by BMO Harris Bank, WGN, CLTV, WGN AM 1070, Chicago Tribune, RedEye and Hoy.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,162.99 +121.45 0.67%
S&P 500 2,123.48 +19.28 0.92%
NASDAQ 5,106.5930 +73.8420 1.47%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs