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Create a Holiday Spending Budget

It’s that time of year again:  the holidays!  The excitement in the air, the thrill of the hunt for the perfect gift, and the anticipation of what your loved ones have in store for you.  This also usually means that suddenly you become overwhelmed by all the loved ones you have to watch out for.

True, holiday shopping can be a potential nightmare.  But you can reduce your own level of stress this season by planning a holiday spending budget.  Here are a few tips to get you started.

Start with a list of who’s been naughty, who’s been nice, and everyone in between.  Seriously, who are you shopping for?  Start with the essentials:  family members, loved ones, spouses, children, close friends.  Do you usually exchange gifts with co-workers?  How about your boss?  And is there anyone you can cross off the list?  Consider sending them a nice holiday card wishing them well, especially if they happen to be someone you haven’t seen in a while or someone with whom you’ve lost touch.  Remember that the reason people exchange gifts during the holidays is not to match or top each other, but to show our feelings of love or appreciation.  A home-made gift, while not as expensive, is more

Do you usually exchange gifts with co-workers?  How about your boss?  And is there anyone you can cross off the list?  Consider sending them a nice holiday card wishing them well, especially if they happen to be someone you haven’t seen in a while or someone with whom you’ve lost touch.  Remember that the reason people exchange gifts during the holidays is not to match or top each other, but to show our feelings of love or appreciation.  A home-made gift, while not as expensive, is more

Remember that the reason people exchange gifts during the holidays is not to match or top each other, but to show our feelings of love or appreciation.  A home-made gift, while not as expensive, is more heartfelt.

Brainstorm ideas.  This will save you time and energy and will help you to organize your thoughts.  Once you’ve compiled a list of possible suggestions, begin to price compare (you can do this easily online). This will help you keep your purchases lower or into the realms with which you are more comfortable.

Set a spending limit and stick to it.  Discuss this limit with your spouse or your partner as well as with friends and family members.  How much are you going to spend on each other?  If your children, in particular, have been caught up in the holiday madness, remind them the reason for gift giving.

Once you have begun to budget, keep track of your purchases.  This includes wrapping paper, tape, bows, holiday cards, and stamps.  Are there ways to cut corners?  Can you make your own gifts or substitute gifts that are slightly used?  (Re-gifting is always a solid option.  Just be careful that the original gifter never finds out!)  You should also consider going in on a bigger gift with other people.  Family members are often willing to help out with this process.  You might also try it at the office if gift exchanges are allowed.  If you find that you have overspent on one gift, reduce the amount possible for another.  If your budget evolves, let it happen.

You might think that you have a lost debit card at first, so consider not buying on credit.  Look at what you have in your bank account when planning your budget and plan accordingly.  You don’t want to be paying off credit card bill twenty Christmases from now!

Ultimately, you will find you are more successful this season if you are strategic in your planning as well as thoughtful in your gifting.

 

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