How many times have you felt your eyes pop as the total on the cash register rises and you wonder how in the world you are going to pay for all this holiday cheer? You can help ease the pain of holiday spending, get the things you want and keep your debt low by creating a holiday budget. Now’s the perfect time to start, just follow these simple steps:
- Estimate how much you can afford to spend. Start by considering how much cash you burned through and credit card charges you racked up. Be sure to include everything you’ll have to pay for (food, decorations, travel, entertaining) and not just gifts.
Separate what you need from what you want. Keep your budget realistic and eliminate as many of the "wants" as you necessary.- Start saving early. It may be too late now to save for the holidays, but keep this in mind for next year—and the year after that.
- Shop as early as you can. Although retailers promote plenty of sales during the holidays, you may find even better bargains between October 1 and December 1.
- Keep lists and check them more than twice. And do this for everything, not just gifts. Assign a dollar amount to each item and try to stay within those limits.
- Keep track of your expenses. Don’t throw away those holiday receipts—add them up after the holidays and see how well you managed your budget. And, of course, use these numbers to help you save and plan for next year.
And finally, just a few more thoughts on shopping and gifts:
- Consider joining with your family in drawing names for gifts so you don’t all feel you have to give something to everyone. It could save you time and stress.
- Don’t equate expense with how much you care. It really is true that a gift from the heart (possibly even a homemade gift) can be much more memorable than a store-bought present.
- Organize your shopping list by the stores you want to visit so you can avoid backtracking.
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