Well we have come to that time of year again. Christmas songs are on the radio, stores are full of decorations, weekends are booking up for dinners and parties and everyone has started or is getting ready to purchase gifts for their friends and family to give at Christmas. Many Consumers overspend during the holidays and bottom line this is the toughest time of year to keep to a Budget. Here are some tips of staying focused and sticking to your holiday budget so you will not start the New Year in debt:
Set a total amount of how much you would like to spend on all your gifts.
Make a list of everyone that you will be purchasing a gift for this year.
Set a limit for each person on your list without going over your total amount you want to spend.
Comparison Shop to find out if another store has the same item for less.
Pay by Cash and don’t use your Credit Cards for purchases. Most consumers tend to charge now and look later when you receive your bill in January and not realize how much was actually spent.
Keep Track of your spending in a notebook or on your mobile phone with the notepad app.
Don’t forget to budget for all the extra costs like Christmas cards, postage, gift wrap, decorations, food and drinks and travel expenses.
While this is all easier said than done, some of you may find it very hard to follow these above suggestions. If so, some consumers like to use the old Envelope System. You basically put the cash in an envelope for each person that you are buying for with the amount you limited for them with their name on it and once that money is gone, that is it, their gift is complete.
Please feel free to use our online Budget Worksheet that is linked below to keep track of your monthly budget. If you find that you are struggling with paying off your debt before your holiday spending, please contact us anytime for a Free consultation or send us your completed Budget Worksheet to enable you to become debt free starting in the New Year.
By following some of these tips we hope that you stay on budget and avoid that holiday debt hangover and enjoy this time of year. From our family to yours, we wish you a most wonderful Holiday season and a very Merry Christmas!