GREENSBORO, N.C. — The holidays can feel a bit like a game of Jack in the box. You've got all the presents bought under the tree with your budget already stretched to the limits. Then suddenly more expenses pop up out of nowhere. Ja'Net Adams with Debt Sucks University says there's a lot that catch people off guard this time of year.
“Some of the hidden things that people don't budget for is holiday parties,” she said. “Holiday parties people feel that you have to be there. You have to make an appearance, and so you end up buying a new outfit. You end up saying that you're gonna bring an extra bottle of wine for the guests. Whatever it may be you end up spending more money than you would have if you didn't go to the holiday party.”
She says that goes for smaller dinners with family and friends too.
“Everybody's supposed to bring a dish, and so you're supposed to bring this, this, and this. So when you thought you were just coming to sit down and eat off of them, now you have to go spend $40 or $50 to bring your part of the dinner, So there are a lot of hidden costs to the holidays.”
Adams recommends setting aside $100 for these types of expenses. Pull that money out of your account and keep it in cash so you don't go over your limit. She says it can end up being a fun game to see if you can make that amount last until the New Year.