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Holiday Shopping Budgeting Help

Date post:13-Apr-2017
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  • Holiday Shopping Budgeting Help

  • The holiday season is known as the most wonderful time

    of the year. Ideally, your finances should stay in

    wonderful shape throughout the season, but this is hardly

    the norm.

  • Consumer counseling agencies report that, in January and February,

    theres a 25 percent increase in the number of people who

    need help with debt. This increase is largely fueled by

    the holiday shopping season.

  • If you create a holiday budget ahead of time, you can stay out of financial hot water.

    Here are six tips you can use to create a holiday budget

    and stick with it.

  • Start Saving as Early as

    Possible

  • Holiday shopping usually begins on Black Friday, but that doesnt mean you cant

    start saving money well before then.

  • If you open a holiday savings account, you can deposit

    money into it throughout the year and even earn interest

    on the account.

  • Create a Spending

    Plan

  • Create a list of all your holiday-related purchases, whether theyre gifts, food,

    travel expenses ordecorations.

  • Decide how much youre going to spend on each item.

    Once youve locked in a number for each item, youre

    in a better position to avoid overspending.

  • Make a Shopping

    List

  • Now that you have a budget, its time to make a list of

    everyone youre going to buypresents for. Make a note of

    how much you want to spend on each person.

  • Its possible that youll want to spend more money on

    certain people than on others.

  • Prioritize your gift giving, and if you feel that your

    finances are stretched thin, dont be afraid to tell some of

    the people on your list that you wont be exchanging gifts

    this year.

  • Come Up With a Creative,

    Zero-Cost Gift

  • You can give a gift without needing to buy a gift. Make

    something of your own, using whatever natural talents you

    have. You can make a scrapbook, compose a short

    story or knit a scarf. The possibilities are endless.

  • If you have an old holiday present that someone gave

    you years ago, yet you never use it, consider re-gifting

    that present to someone who might actually appreciate it.

  • Dont Wait Until the Last

    Minute to Shop

  • You want plenty of time to compare prices and find

    great deals. If you wait until the last minute, youre going

    to be rushing through the store, exhausted and stressed

    out.

  • Youll also be more tempted to spend money on gifts

    without considering how much they cost.

  • Use Credit Cards

    Sparingly

  • If you have to use credit cards, dont use more than

    two. That will make it easier to keep track of your

    spending.

  • The cards you use should have low-interest rates. Stay away from cards offered by

    department stores.

  • If you have a credit card with no balance, use that one to

    pay off your upcoming balance in full. Use the other card for purchases that you

    intend to pay off over the coming months.

  • Spending money is arguably the most stressful part of the holiday season. If you begin the season with a financial

    plan in place, it will help take some of the burdens off of

    your shoulders.

  • Use these six tips to create a holiday budget that works

    best for you.

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