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  • The 5 Bs Of Fixing The Family Budget After The Holidays

    Parents usually have a holiday hangover and bill shock in January. Mommy contributor, Michelle Penalosa-Santos, shares her tried and tested printable budget planner and some tips on fixing your family budget, especially after the holidays.

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    Christmas season is usually the time when everyone splurges a lot! We enjoy the fact that we give and receive gifts. This is the time when we relish going to the malls, Divi-land and all the nationwide, midnight madness sales.

    After the chaos—the endless buying of food, clothes, and toys—and after the Christmas lights have been dimmed, what are we to do? What can moms do to set the budget again and make sure that everything is in place? Here are some tried and tested tips.  


    Bills Check
    You might have been quite impulsive in the last quarter, driven by guilt and wanting the best for your inaanaks. But this is the start of a new year and we’re back to reality. There are still bills to be paid and they’re not going to go away. Sit down and make sure you list all your monthly bills that need to be paid by the month. By doing this, you can have a clear picture of the base figure you need to pay in the coming months.



    Budget Planning
    You now have an idea of how much money will be spent paying your bills. Now, you can use your budget planner . By listing down all your expenses—estimate versus actual—you can clearly see which area you’re splurging money on (justified or not). Once you have an idea of what you can actually tone down, you can also start saving for your vacation fund and doing advance planning on next year’s holiday budget.


    Kids will be going back to school. Do you realize how much food you have in your refrigerator? For sure, you still have Christmas ham and quezo de bola lying around. Why don’t you whip up creative dishes with these ingredients and send them off as ba-on? This is a great way to save on lunch money and cut costs to help pay those debts incurred during the holidays. If your kids and hubby are not used to the idea of bringing baon, advise them that this is only temporary just so you can cut down and fix the budget.


    Be honest
    Involve the whole family in the process of fixing the budget. After all, they’re the ones you spend on. Use this opportunity to teach your kids the value of work and money. No more excess toys if they’re just tossed aside after the holidays. Sit down as a family and understand the consequences of the holiday expenses. Was it too much? What can you all learn from the spending? How does this affect your lifestyle post-holiday?

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    And finally, you should be able to believe that these tasks can be done. Your mind is very powerful! Stay positive and clear. If you stick to the plan, you’re definitely going to make it!  


    To download the printable budget planner, click here.

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