Welcome back to another Financial Friday’s, today we are going to talk about Christmas. Yes, Christmas, if you have not thought about your Christmas budget, now it the time. The holiday season is stressful enough without having to factor in how to pay for Christmas. Want to reduce the stress and breeze through Christmas then keep reading.
Having a Budget will help to avoid the dreaded guilt of have Christmas now and paying for it later! We all know Christmas comes at the same time every year, December 25th! Yet, we are never prepared? WHY! Click To Tweet I am going to provide you with 5 tips so you can budget for the holidays now. This way you have the money you need to pay for the gifts you want.
5 Tips to Save for Christmas
- How much to save– first things first, set your budget. Determine how much you can realistically spend on Christmas, know what you want to spend. Look at your monthly budget to help determine this amount. If the number is not what you expected, you may have to except it or find a sidehustle to earn extra money!
- Gift Recipients– taking the time to write a list of people you will give gifts to will make it easier. If you find yourself with a long list, reconsider who really needs gift. If you are on a tight budget like me, don’t feel obligated to get gifts for everyone. For people who don’t make the cut, consider sending a nice card or buy them small inexpensive gifts instead.
- Divide the Budget– now that you have a budget and gift recipients, decided if that whole budget will go to gifts. Don’t forget that Christmas also involves dinners, parties, holiday activities and decor. If you plan to use your budget for all Christmas related items, then make sure to assign each person and activity a spending budget.
- Keep Track-often time we set a budget and just forget about it. It’s important to check your budget regularly and make any necessary adjustments. Unlike your regular budget, with a Christmas budget you won’t be able to anticipate changes. Making changes to the budget is expected, but going over budget isn’t. By tracking your budget, you may be able to accommodate for the overage in one area, by decreasing the budget in another.
- Create a shopping plan-now that you have a budget, list of who you will buy for, and dates for Christmas activities, now it the time to think about your shopping plan. Finally, jot down next to the list of names, ideas of gifts to get each person. Then decide how and when you will shop. As you know shopping online and reduced shopping days are the most popular times to save money gifts.
- Black Friday- November 24, 2017
- Cyber Monday- November 27,2017
- Free Shipping Day- December 15,2017
Following these 5 tips, will help to ensure you have a smooth and stress free Christmas, no money worries or guilt of how you are going to pay for it all!