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It's hard to believe, but Christmas is just around the corner. Hopefully, you've been saving a little each month and by now you have a pretty nice Christmas budget. I've budgeted $50 each month to go to Christmas savings, so by December I'll have $600 saved. If you haven't started saving for Christmas yet, it's not too late to start. Here's some simple steps to take to help you get prepared.
1. Determine your Christmas budget. We looked at what we spent last year and added a little to it. This doesn't mean we are obligated to spend the full amount. If anything we want to spend less than last year. You should look at your financial situation and budget appropriately. Do not, I repeat do not, go into debt or use credit cards to finance your Christmas shopping. That's a good way to get on Santa's naughty list.
2. Make a list of all the people you'll by buying for. When I first got married I was shocked by just how many people we actually bought for. We were buying for family members I had never even met before. Luckily, the list has gotten shorter over the years as my wife and my family have decided to just draw names. Take a look at your list of names when you get finished, and see if there's anyone on there that you don't need to buy for anymore. Often we end up buying out of obligation rather than pleasure.
3. Break your budget down into specific amounts for each person and write that number beside their name. For example, you can plan to spend $50 on mom and dad, but only $10 on granny. Don't be surprised if what you plan to spend on each person adds up to more than what you've budgeted. This is where you go back through the list and either cut some more names, or cut some spending. You may find you can only afford to buy a $25 gift for mom and dad. This is perfectly fine. Christmas isn't about gifts in the first place.
4. Take your Christmas budget and divide by the number of months left before Christmas. If you're just starting out you only have 4 months left to save, that is if you're counting December. This means if you have a $200 Christmas budget, you'll need to save $50 a month for the next 4 months. If you have a $400 budget, you'll need to save $100 a month. This is why it's so important to start saving early.
Hopefully this will help some of you out. And just remember you don't have to spend a thing to enjoy Christmas. I consider giving gifts to be a blessing. Don't let it be a burden to you.
1. Determine your Christmas budget. We looked at what we spent last year and added a little to it. This doesn't mean we are obligated to spend the full amount. If anything we want to spend less than last year. You should look at your financial situation and budget appropriately. Do not, I repeat do not, go into debt or use credit cards to finance your Christmas shopping. That's a good way to get on Santa's naughty list.
2. Make a list of all the people you'll by buying for. When I first got married I was shocked by just how many people we actually bought for. We were buying for family members I had never even met before. Luckily, the list has gotten shorter over the years as my wife and my family have decided to just draw names. Take a look at your list of names when you get finished, and see if there's anyone on there that you don't need to buy for anymore. Often we end up buying out of obligation rather than pleasure.
3. Break your budget down into specific amounts for each person and write that number beside their name. For example, you can plan to spend $50 on mom and dad, but only $10 on granny. Don't be surprised if what you plan to spend on each person adds up to more than what you've budgeted. This is where you go back through the list and either cut some more names, or cut some spending. You may find you can only afford to buy a $25 gift for mom and dad. This is perfectly fine. Christmas isn't about gifts in the first place.
4. Take your Christmas budget and divide by the number of months left before Christmas. If you're just starting out you only have 4 months left to save, that is if you're counting December. This means if you have a $200 Christmas budget, you'll need to save $50 a month for the next 4 months. If you have a $400 budget, you'll need to save $100 a month. This is why it's so important to start saving early.
Hopefully this will help some of you out. And just remember you don't have to spend a thing to enjoy Christmas. I consider giving gifts to be a blessing. Don't let it be a burden to you.
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