Is it a challenge for you to stick to your budget while shopping for Christmas? If so, then here is a great way to ensure you do not overspend this year!
1. Using the Mini-Budget, prepare a list of each person for whom you are planning to purchase a gift.
2. Next to each person’s name, enter an amount that you are planning to spend for their gift.
3. Look at the total amount of the gifts and ensure it fits within your plan. Make necessary adjustments.
4. Enter the “Total Income” to make “INCOME – OUTGO = EXACTLY ZERO” and pull the money out in CASH to ensure that you do not overspend!
While this seems really basic and simple, it has really helped my family stick to the plan and ensures that our Christmas spending will not rob the joy of the season from us!
Here are a few additional tips for your Christmas budget:
- Home made items are way cheaper and usually end up meaning a lot more
- You are not REQUIRED to spend gadzooks amount of money for Christmas – especially when you are working your way out of a financial mess!
- Using cash and putting away the credit/debit card will ensure that you do not overspend!
- Facing a cash crunch this Christmas because you did not really save for it? Commit now to save every single month for Christmas 2013! You can set up a “Christmas Club” automatic savings account at your local bank or through an on-line bank (like Capital One 360 or ALLY). Figure out how much you should save each paycheck by using our “Known, Upcoming Non-Monthly Expenses Calculator.”