HOLIDAY BUDGETING 101

Posted: May 11, 2011 9:37 AM
Updated: Nov 15, 2011 10:17 AM

It is hard to believe another year is coming to an end. It has been one of the most financially difficult for millions of Americans. As the the holiday season approaches it is important to sit down and make out your Holiday Budget. Yes, it may sound daunting but taking charge of your Holiday Budget may bring peace and goodwill to you and those around you.

HOLIDAY BUDGETING 101 -

STEP ONE: Calculate how much discretionary income you have to spend. This sould be money that you actually have in a piggy bank, credit union, bank, or stashed under your mattress. It should not be the amount of money you are thinking about charging to your credit card. If you do not have money set aside for the Holiday start now. You have several weeks to tuck away your hard earned cash. This is the time you can cut back on drive-thru treats and meals. Pack a lunch and you will pack a punch on putting some extra money in to your Holiday Budget. Think about other ways you can cut back on extras in the name of holiday giving.

STEP TWO - Catagorize the type of gifts you will be giving this year. Remember a gift can be a card, a homemade item such as a baked good or craft, a service such as providing cleaning or cooking for a designated amount of time and duration, or a store bought gift. Next write out a list of individuals you want to give a gift to and decide which category they fall under.

GIFT LIST: Card, Homemade Item, Service, Store Bought ($20-$30), Store Bought ($30-$50)

FAMILY/FRIEND LIST: Grandma Jackie, Grandpa Kent, Matthew, Chris, Uncle Craig, Sophia, Katie, Seth, Jacob

STEP THREE - Look at the Gift Category and decide what you will actually be giving each individual listed. Keep in mind what you can spend with out using credit cards. Play with the list until your Holiday Budget is in balance.

STEP FOUR - Enjoy your financial success and enjoy your peace and goodwill with those that matter most during the Holiday.

Take care and be healthy,

Kimberley