Friday, December 3, 2010

Holiday Budgeting Tips

Set an overall Spending limit - Holiday budget should come from your current disposable income. If you use credit cards for convenience or to take advantage of rewards, make sure you track your spending so that you don’t go over budget. Cut back on things like eat out, entertainment during November and December to boost you Holiday spending fund.

Count every penny - There are a lot of holiday expenses people don’t think about like holiday cards, postage, gift wrap, decorations, food and drink for parties, shipping cost, etc. All of these items should be in the budget.
• Make sure your gift list is complete - The list should include everyone to whom you plan to give a gift — relatives and friends, teachers, mail carriers, co-workers etc.



• Set Limits – Agree upon spending limits with family and friends. If you bake or are could with crafts you make want to go that route to save additional money.

• Set expectations – If budget is tight, let it be known, so no one is disappointed.

• Don’t shop angry, drunk, etc. - Keep those feelings in check when shopping. Keep your list and budget with you always. Don’t overspend because other family members are. When tempted to overspend, remind yourself of what you owe.

• Shop Smart – Find the gifts on your list on sale and buy it. No impulse buying. If it’s not on your list don’t buy it.

Keep track of spending – keep a record of every purchase and use cash to pay for them. Don’t get caught without cash and fall into the credit card trap.

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