Monday, October 19, 2009

Budgeting for Christmas

It seems strange to be writing this mid-October, but really now IS the time. Let's talk Christmas budget.
It's tough, every year seems tough. How do you get all of your other bills paid and yet, find extra cash to plan for extra entertaining, parties and events out, decorating and yes, gifts?
1. Write down all of your estimated expenditures. Going to fly somewhere for the holidays? Better plan on budgeting for that plane ticket. Same goes for extra decorations, Christmas trees/decorations aren't cheap. Try to figure all of your expenses, going out with the gang for some Christmas cheer, make a budget for that too. It's easy to get carried away after a few toddies.
2. Make a list of the people you need to buy gifts for, all the family, friends, including the office gift, secretary, doorman, landscaper, etc. Try the "envelope" way this year. Put the name of each person an envelope with the amount of cash that you plan on spending for that person. Do not go over budget on this one. It's easy when you....
3. Plan ahead with the gift giving. Once you have the budget in mind, you can look for deals, online coupons, sales and even eBay. Once the cash in the envelope is gone, that person's gift is complete. Don't be tempted to buy yet another item. Keep the extra gift in mind for next year if it is that good.
4. Vow to make this January 1st your debt free year and not be burdened by Christmas bills. It's called the Christmas hang over and definitely not worth the headache!


Keith Morris said...

Great tips! My wife is making lots of quilts for gifts this year, so it's easy to budget for.

Would you share your advice with the LifeTuner community at We are a community of young adults trying to motivate each other toward greater financial health, which seems to be right up your alley.

Either way, have a great holiday!

Jene said...

Life Tuner is a great concept to help people to get control of their finances. I would be happy to help, Keith, e-mail me with more information.
Your wife's quilt concept for gifts is terrific! I am sure all of the recipients will be honored to receive such a labor or love.

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