Did you know that 41% of Americans are WILLING to go into debt for Christmas gift shopping?
That means 41% are preparing to go into debt!
How about we flip this narrative, that way Americans are truly prepared with a Christmas budget.
Download the Christmas Gift Budget template to start your preparation!
LIST YOUR PEOPLE
First things first, make your list of everyone you need to purchase a gift for. Don’t forget to include group giving for work, friends, etc.
Lists just make life easier, plus you have a great reference for next year!
Also, consider having conversations with family and friends about drawing names or doing a white elephant gift exchange. This will help everyone avoid overspending on their Christmas budget!
WRITE DOWN CHRISTMAS GIFT IDEAS
Now that you have your list of people, start writing down gift ideas for each person.
This can be a challenging process, so be sure to start this list early to write down ideas as they come to mind rather than rushing the process!
BUDGET THE COSTS
Once you have the perfect gift ideas, start your pricing research!
Or vice versa, plan your dollar amount for each person, then start planning gifts in that price range.
After you are happy with your budget per person and gift ideas, then total up all the gifts. This is now your Christmas savings goal!
START SAVING
Starting this list early not only helps with gift brainstorming but also helps with your savings!
Once you have your budget total, decide how you’re going to reach the savings goal. Will you plan on saving monthly? Every paycheck? Purchasing gifts slowly?
Whichever process you choose, just make sure you STICK TO THE BUDGET!
ATTACK THE CHRISTMAS GIFT LIST
When your savings plan is in place then start attacking your list! Do not wait until the last minute unless you absolutely have to.
This will help reduce the pressure of wrapping all the gifts at the last minute. Christmas should be a joyful time, so prevent all the stress you can!
Preparing for Christmas with a budget rather than debt will help you genuinely enjoy Christmas even more. Don’t let the holidays hurt your bank account!
Follow along for more budgeting tips!
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