It’s the most wonderful time of the year… and for many, it might well be the most expensive! We all want buy amazing gifts and host a fabulous party that everyone will remember. But to avoid feeling the bitter regret by the time January rolls around, you will need to create a holiday budget.
Gifts:
Whether you are doing a Secret Santa with colleagues or giving gifts to family and friends, establish how much you intend to spend. Setting a firm budget before you go shopping will prevent you going in over your head.
- Come up with a total spending amount that you are comfortable.
- Make a detailed name list of everyone whom you need to buy gifts for.
- Specify dollar amounts by each name to indicate how much you will spend on each person. Add up all the figures.
- If that total figure exceeds your initial budget, start by scaling back each dollar amount until you’re within budget. You may have to consider marking people off the list.
- Bring that list with you when you’re out shopping and record how much you have spent for each name.
- If you spend less than estimated on one person, you’ll have more for someone else. You can move that amount around, or use it for other discretionary purposes.
Party:
Hosting a Christmas party doesn’t have mean you have to break the bank. The spirit of hospitality is not just about spending money; what really matters is making great memories together.
- DIY your house and tree decorations.
- Go green and reduce the use of paper disposables. You can also create name stickers for paper cups and cutlery (so it is easier for your guests to hold on to the same set).
- Consider having a potluck-style party because wining and dining can rack up quite a cost.
Be sure to have a blast these holidays but don’t make your finances suffer the aftermath!
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