Self employment can be rocky, with insecure payments and irregular work. Budgeting for the holidays has to start early, because the self-employed have to think ahead.
It’s always hard to get through holiday spending, and somehow gift-giving season seems to arrive more quickly every single year. For self-employed professionals, budgeting has to start early and creative gift ideas often have to be used. Money and jobs aren’t always steady with self-employment, and things can change very quickly for those who work at home.
But, that doesn’t mean the self-employed have to become Grinches when it comes to holiday gift-giving. With some early budgeting and creative gift ideas, even those who don’t have an ever-stable income can make merry this season.
Start Saving Early
The trick is to begin early, and to get organized before shopping. Make a list of those who will receive, then jot down a few ideas for affordable yet meaningful gifts. Think about what the people on the list like, their hobbies and interests, and try to tailor gifts around these activities. A meaningful gift often seems more valuable than expensive yet impersonal purchases. Gift baskets and homemade treats often make fun, enjoyable presents they’ll remember fondly. Even when budgeting ahead, try to purchase affordable gifts rather than over-spending during the holiday season. Stores are packed, signs are flashy, and it’s quite tempting to keep on buying when in the midst of holiday shopping melodrama. Resist, and remember that self-employment doesn’t come with any work guarantees.
Holiday Budgeting
It’s always a good idea to keep a little money in the bank, because jobs don’t always come rolling in when it’s convenient for them to do so. Start early for the holidays by setting small amounts aside each week. The earlier this holiday savings account is started, the more time it will have to accrue funds for gift-giving needs. This holiday account can be maintained at home (old shoe boxes, safes and even desk drawers can be handy storage), but many banks offer specialized holiday accounts. Money in these accounts cannot be withdrawn until the holidays near, and the date can often be set by the account holder. When this date is reached, the bank will send a check directly to the account holder and automatically close the account. This makes acquiring funds for holiday shopping seem easy, because the money has been set aside slowly over time. Holiday spending seems outlandish because it often happens all at once, and that’s why money can get a little tight. Save up slowly and in small increments, preparing in advance for holiday spending that might otherwise hurt household budgets.
