Hi Everyone and Happy Holidays!
Looking to keep limits on your holiday spending? Set up a budget!
1. Take the time to create a list of nearest and dearest ones that you would like to give to during the holidays.
2. Segregate that list into categories (i.e., family, professional, acquaintances, friends, service providers, etc.)
3. Set hard caps on certain categories (i.e., business acquaintances are capped at $25 each; service providers capped at $10, etc.). For hard caps, save yourself headaches and time by just getting gift cards.
4. Shopping for family, close friends and a significant other can be a little tricky. That can be relaxed by having the family do something like Secret Santa with pre-set limits (to relax the need for family to buy siblings/cousins/other family and their kids presents) or establish “rules” for gifting among family members (i.e., my siblings and I don’t exchange gifts; instead, we give to each other’s kids’ 529 plans). The point is that families need to discuss gift giving before the holiday arrives in order to avoid awkwardness when it comes time to open presents.
5. Christmas Clubs are in full effect – it may be too late for this year, but consider setting aside $25, $30, or $40 a paycheck so that you have a decent pot of funds available for gifting – not just to family and friends, but also to charities and other causes close to your heart.
6. Put That Credit Card Down! – If you have to charge it (emphasis on the words “have to”), you can’t afford it. It does you no good to put yourself in debt for the sake of appearances. If its going to be a lean Holiday season, so be it. Keep it real with yourself and others and give what your budget will allow. If that means taking advantage of sales after the Holidays, that’s what it means. The people that love you and care about you understand. The people that talk behind your back and judge you….. well, we know that God don’t like ugly, right?
Happy Holidays! Keep those dollars in check!