Last month, I wrote about Real World Debt Management.
Last month I tweeted asking for ideas and got two great ones. This month’s topic is thanks to another Twitter friend but I didn’t write down who it was. If you suggested a post on Holiday Budget Planning, this is for you. Oh and let know who you are so I can give you credit here!;)
Last year, I wrote two pieces related to this topic and if you missed them, you should check out Christmas Decorating on a Budget and Christmas Shopping on a Budget!
I will be honest for us that mid-September is a little late for holiday budget planning but I know for most people that isn’t the case. For us though, this about the time I re-look at our holiday budget to see how we are doing on it because life changes!
So what is in your holiday budget? Your holiday budget should include any big holidays you celebrate. Most people think Christmas but what about Birthdays, big family get togethers such as Thanksgiving, Halloween, Easter, etc. The list could go on and on and on as we all love a reason to celebrate. For the purpose of this explanation, I will stick with Christmas (or whatever December holiday you celebrate).
My best tip is to start planning for next year’s holiday as soon as this year’s is done. I know it is the last thing you want to think about but when it comes to decorations and other items that don’t expire or become un-trendy, this works really nicely!
Since we are mid-September here is how you can get started now with a five column concept I use.
Column 1: Start your gift list if you haven’t yet. Figure out everyone you will be giving gifts to in December. Don’t forget your child’s teacher, bus driver, the mail man, etc.
Column 2: Then you will want to add a dollar amount for each person you would like to spend. Maybe it is $20 or $5 or $50. Set an amount for each person.
Column 3: Write down some ideas of what you might get that person. If you don’t have ideas, write down things you know they like that are really broad such as music or reading. Another great idea is to think of things they use all of the time (stamps, a certain lotion, a specific brand of coffee, etc.). While that might not seem “special”, they will love getting something they will certainly use and not throw out or leave sitting out collecting dust!
Column 4: Write down what you bought that person. By looking back at column 2 you will know if you what you got is what you wanted to get. NOTE: If you got a deal on a gift, that is good cushion room. So don’t start adding to the gifts to make sure you spend the amount you set. That is a guideline. That $20 gift that only cost you $10 on sale give you a nice $10 buffer in your other gift buying!
Column 5: (Optional) Mark off with a check mark as you wrap the gifts. I find this column very helpful because I need to have gifts ready at different times so this helps me not lose my mind!
If you didn’t find that overwhelming, one last tip is to put all of your gifts (that you can, maybe you have to hide your husband or wife’s gift from them) in one place so you aren’t trying to track them down last minute. Mine tend to be a mound by November but I know where they are at least!
If you start buying these gifts as early in the year as you can, you will let yourself find the best deals out there as you aren’t pressured to buy them right now.
How do you track your holiday gift purchases? Do you? Do you need to? Share your ideas!
Oh and I love your comments. It makes me feel less crazy to read them so let me know what works for you and what doesn’t work for you. Leave me a question in your comment and I will do my best to answer it!!
This is a good budgeting tip. I normally buy things throughout the year when I see them on sale. The only problem with this is that you forget several months down the road! I like your approach better.