Now’s the time to get into the “Pre-holiday spirit,” by preparing a Christmas budget, so that you come down loaded with post holiday debt.
Greg Lindberg says there is still some time to budget for Christmas, and offers the following tips, if you haven’t put them on your list for Santa already:
Look at Last Year’s Finances: Before doing anything, review last year’s bank and credit card statements. This will provide a baseline for how much to spend this holiday. And, it’s not just presents. Was there travel? Do you host an annual Christmas party, or have family/friends over during the holidays? If so, these expenditures need to be included. Once the baseline is set, Greg Lindberg says the fun can begin.
Don’t Use Credit Unless Absolutely Necessary: There are several weeks left, before you need to begin planning for gifts to buy. If it’s doable, put some money aside. By doing so, it will greatly help your overall finances. While you don’t have to use cash for everything, too many people put everything on their credit cards, to worry about later. It’s not a good way to start off the New Year with a hefty credit card bill.
Reconsider Your Gift List: Start by noting all the people you need to buy gifts for. Try having a number in mind, and how much you want to spend, overall. If the number of people seems low, consider ways of reducing your spending. Check out online deals, go to thrift stores and auctions, etc. Truth be told, most people don’t truly care how much was spent on their gift. In this situation, the cliché; “it’s the thought that counts,” counts so much more!
Merry Christmas, Happy Chanukah, A Joyous Kwanzaa, and Enjoy a Wonderful Holiday Season!