Gifting Budget Tips to Holiday-Proof Your Finances
You're ready to start your holiday shopping, but you know you need to monitor your spending. Now is the perfect time to make a budget for your holiday gifting! Here are some holiday gifting budget tips to help you control your expenses this season.
1. Make Your List
Before you decide on your spending guidelines, decide who you want to purchase gifts for. Remember to consider family, friends, acquaintances, coworkers, and service providers.
2. Set Your Spending Limits
Designate a specific spending limit for each person on your gift list. Holiday gifting budget tips are based on your finances.
3. Make Sure Your Budget Is Realistic
Add up all the amounts for the people on your gift list and check that the final figure is realistic. If it's going to be a struggle covering your gift budget, reduce some of your spending limits so that the final total is reasonable for your finances.
4. Decide How You'll Pay for Your Gift Expenses
Now that you know how much you plan on spending, look over your monthly expenses and income to figure out how you'll pay for your gifts.
5. Set Up a Separate Account for Your Holiday Expenses
A fantastic way to prepare for your holiday expenses is to set up a bank account specifically designed to help you prepare for the holidays.