Holiday Budgeting

BALANCING LIFE’S ISSUES, INC.

Objectives

The Big PicturePsychology of MoneyMaking ChangesExpectationsThe Art of Gift GivingTraditionsPaying for itUnderstanding the Marketplace

The Big Picture

SavingsHouse/ShelterCar/TransportationCollege/Career TrainingRetirementVacation/TravelEmergency Fund50 Budget Busting Holiday Seasons?

Psychology of Money

Ask yourself these tough questionsDoes money make the holidays better?What does money mean to you?What did money mean to you?What do you need to do in order to change your behavior?What is your “latte factor”?How motivated are you to change your money belief system?

Making Changes

Reality checkIt is okay to say “no”Get input/feedbackBe a role-modelIdentify resources that will help you

Realistic Unrealistic

What can you afford?What can you eat?What can you drink?

Comparing yourselves to “Jones” or media hype

Trying to solve long standing family conflicts

That there is a “perfect” table-setting, gift or decoration

Expectations

The Art of Gift Giving

Plan and start earlySet realistic limits and talk with family membersExchange “gift idea” listsHave a conversation about gift givingGive non-gift itemsGift Certificates for ServicesPractical itemsBe prepared for resistancePre-buy gifts during the year and keep for the

holidays

Traditions

Remember what your meaning of the holiday isKeep traditions that workBe open to new traditionsGet ideas from friends and colleagues – find out

what they doInclude charity work and giving back

Paying for It

Manage Your Credit Cards! (before, during, after)Cash (preferred but be safe!)Debit CardsGift CardsChristmas Accounts

Your Holiday Budget

Anticipate, Don’t React:o Review your budget success to dateo Know your balances (Credit Cards, Checking, etc.) o Know how you are going to pay (previous slide)

Make lists and stick to them! (No impulse buying)Know your weaknesses and plan around them.Mark your progress over time

10

Keeping Track of Spending

Make a list identifying each recipientKeep receipts in one place – an envelope or coupon

keeperText yourself your purchases to enter into your listGet credit card and bank balance alertsCheck your balances before you go shoppingRemember how much your gas and time costsDon’t shop for yourself

Understand the Marketplace

Loss leadersKnow good pricesDecide when and who to shop withHave a mantraStores feature different categories every week

Never spend your money before you have it -

~Thomas Jefferson

"Life's most persistent and urgent question is, 'What are you doing for others?'" ~ Martin Luther King,

Jr.

Motivation

Resources

Bizrate.commint.com Groupon (site and app) Apps

Santa's BagRetail Me NotThe Christmas Gift List

Remember…United Way Volunteer centersYour favorite local charity or food pantry