You wouldn’t prepare your holiday meals without your favorite recipes, so start this season with a savings plan. Think of it as your very own recipe for financial success.

It may seem early to be talking about the holidays, but as a mother and a CERTIFIED FINANCIAL PLANNER™ professional, the best tip I can offer is to start planning and saving now. It’s one way to help better manage your budget and time, prevent you from running up credit card debt and help protect your emergency fund.

Here are four key ingredients I rely on for a fun and affordable holiday season:

1. Set a budget AND stick to it. Start holiday planning early, listing expenses, including travel plans, gifts, and entertainment costs. Next, consider your current financial situation and set an overall holiday spending limit. Keep in mind, nobody wakes up in January wishing they had spent a little more money for the holidays. Your spending limit should reflect a reasonable amount without having to take on debt. By setting an overall budget based on what you can afford, you can decide how much to budget for each person on your gift list and where to fill in with homemade gifts. Learn more about setting SMART financial goals before you get started.

   For me, it never fails that the money I dedicate to gifts doesn’t stretch far enough. So, instead of turning to credit cards, I like to fill in the gaps with homemade gifts like my fudge and peanut brittle. I’m not super crafty or a good baker, but I always enjoy those home-made gifts and holiday cookies from others. And, for the few things I can make, I like to wrap it festively and share with others.

2. Book travel in advance or estimate entertainment costs if you’re hosting. If you’re traveling or hosting this holiday season, that could easily be your biggest single expense. View your travel options as early as possible and look to AmericanForcesTravel.com to save on flights. When I host, I typically figure food and drinks will comprise at least 20% of my holiday budget and frequent my local Commissary for savings and coupons.
3. Look for deals and discounts year-round. Keep an eye out for deals throughout the year. If I see the right gift for someone, I’ll ask if it will go on sale and buy it then; I also inquire about military discounts and price matching and frequently comparison shop for a better price. Always remember, you can shop for gifts tax-free at your local Exchange! And if you’re looking to give the gift of an experience like a sporting event or concert, look to your local Information, Tickets and Travel office.
4. Enjoy the season. Getting my holiday planning started and finished early lets me focus on the season and enjoy the festive moments. I’m not last-minute shopping or rushing around. I can find time to write meaningful cards and make goodies without feeling stressed. And when I host, my secret ingredient is a pot-luck dinner.

As you dust off those holiday recipes, be sure to keep your bottom line in mind. Give yourself the gift of knowing you planned and stayed within your holiday budget. As always, I’d love to hear about your tips in our comments section!

Mandi Moynihan is a CERTIFIED FINANCIAL PLANNER™ professional who has been with MilSpouse Money Mission since its inception. She also served in the Army and is the spouse of a retired service member.

MilSpouse Money Mission® is a Department of Defense resource that offers FREE personal financial education specifically geared toward military spouses. There is a Money Ready guide for various stages of financial life, a MilLife Milestones section to help you through the big moments in your military journey, a blog, spouse videos, quizzes, calculators and more!