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Budgeting tips ahead of the holidays

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With inflation woes on everyone's mind we speak with financial planner Matt Elliot about the importance of budgeting ahead of the holiday season.

ROCHESTER, Minn. - The holidays are just around the corner!

Holidays are filled with friends, family, good food, and gifts - which, can get a little expensive.

Financial Planner with Pulse Financial Planning Matt Elliott said the most important thing to keep in mind when budgeting is that it's a year-round thing.

"When we have one time expenses and holidays is one of those times where we do see budgets get blown up potentially with gifts and decorations and all those things. I think the best thing to do is factor that into your monthly budget year-round and that way your savings...and you can feel good about it during the holidays," said Elliott.

He said when it comes to budgeting, spend time on it and be consistent with it!

There are free apps and technology that can help with the budgeting - they can link with your bank account and move money into savings accounts you have set aside, while you make sure everything is on-track and where you want it to be. You could also use spreadsheets or just plain 'ol pen and paper.

Make sure to set time aside to look over your budget and make sure it's all where you personally need it to be, based on your own spending and priorities.

"It's something you have to be mentally engaged with, as well. The most important factor is the amount of time that you spend on it. It doesn't have to be a lot of time - but, I like to just block off a little time on Mondays just to review the budget and transactions to make sure we're on track. You can do it bi-weekly or monthly. The most important thing is just setting aside a little bit of time and being consistent with it," said Elliott.

Elliott said people are normally good about factoring in monthly expenses - like mortgage. But most forget to factor in for holiday spending, that isn't a monthly expense.

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