Expenses
The first step of sticking to a Holiday budget is creating a list of all possible expenses. This would include anything as small as wrapping paper to the tree or travel expenses. It is not just about gifts, you have to think of the small stuff as well.
Limit
Depending on your income and any debt you must pay, you should think of a reasonable budget to stick to for all your expenses, not just gifts.
Assign
The next step is to divide your budget into each category. When thinking about where to put money, it also helps you think about gift ideas and how much you are willing to spend on each person.
List
Like a grocery list, it is important to make a Christmas list. Write out who you need to buy for and what gift(s) each person gets. This list can also help you find the best deals from research online.
Track
Once you hit the shops, don’t forget to keep track of your spending. Cross off items once they have been purchased and subtract it from your budget. When you are out shopping remember every cup of Starbucks and gas comes out of this budget.
Extra Tips
- Stick to cash! A credit card is too easy to lose track of your spending. When you have the exact amount of cash you can spend, there will be less of a chance of going over budget.
- Add some extra, small gifts to your list. These generic gifts can come in handy if you unexpectedly received a gift.
- Shop online. Not only does it save you gas and Starbucks money, but you can normally find some serious savings on certain items. If you have electronics or clothing on your list, online shopping is the way to go.