Welcome back to Becentsable’s Holiday Boot Camp!
Last week we talked about making out your lists of all of the people you buy gifts for and all of the extra items you need during the holidays. Today, let’s focus on setting your budget. You want to ensure you have everything you need for the holidays without going into debt and causing more stress!
The first thing you want to do is to calculate how much you plan to spend on Christmas this year. You need to determine how much your budget will allow you to spend this year and/or how much you have already set aside. Be sure to go over this with your significant other!
If you haven’t already, now is the time to start setting aside money. This way you can pick up the bargains as you find them. The best time to start setting aside money for the holidays is in January. Setting aside a little each month eases the burden on your budget and allows you to pick up the hot deals throughout the year and save for gifts. This will ease your holiday stress tremendously!
Now, let’s revisit the list we made last week. You need to determine how much you want spend on each person and each item (i.e. cards, decorations, etc). Then, see if these amounts fit in with your budget. If not, it is time to re-think what we want to spend. You may need to make adjustments here and there to stay within your budget. It may be necessary to move someone to the card-only list. Or, give them a small stocking stuffer instead of the larger gift you were planning.
There is nothing wrong with letting others know you are on a budget this year. People will understand if you explain your budget will not allow exchanging gifts. Most people will actually be relieved! You can also suggest exchanging homemade gifts, only getting gifts for the children or drawing names.
If you plan on cutting back on the amount of gifts for your children, simply explain it to them in advance. Share your budget with your children and explain the purpose for the budget (i.e. you must pay bills, save for college, etc).
Please remember this season; it is not worth going into debt because you feel you must get someone a spectacular gift. Family and friends would much rather you remain stress-free and enjoy your holidays.
Do not worry if you are on a tight budget this holiday season. Becentsable’s Holiday Boot Camp is here to help you by sharing the secrets to getting great gifts on a budget. Join us next time as we create a stress-free holiday calendar!
