7 Tips for Setting Up Your Christmas Budget

There are many ways you can set up a budget for Christmas. The key is to begin early. Since Christmas is only three weeks away, you will probably need to put your Christmas gift list together now.

Here are some tips:

1. As you begin to make your gift list, budget an amount that you can afford for each person and stick to it. If you think you are going over the amount specified, why not buy a gift card for that amount.
2. If you have been exchanging gifts with siblings and their children, now is a good time to talk with your brothers and/or sisters and decide that presents will only be given to children this year.
3. Instead of purchasing new decorations this year, enhance the ones you already have on hand. Get the family involved in making decorations, utilizing items you have in your home.
4. Wrapping paper and cards can be very expensive. Make Christmas cards online and/or send e-cards to your friends and family members. As for wrapping paper, you can use tissue paper, newspaper, or utilize the Christmas bags you received last year and spruce them up.
5. Pay for gifts with cash if at all possible. Using your credit card will just put you into debt or, in some cases, more debt than you can handle. If you have to pay with a credit card, try and pay off the balance as soon as possible.
6. If you love to bake, you can also make your own gifts baskets for Christmas. Visit any dollar store to purchase the baskets. Fill the baskets with muffins and cookies, cakes and teas. This is very affordable to make and will be a most welcomed gift.
7. Gift cards are also very popular and you can save time and money by purchasing gift cards to nail salons, online shops, department stores, electronic stores, or even supermarkets. You’ll save money on gas by not having to go from store to store, and you can do this from the comfort of your home.

Setting up a Christmas budget can be done as late as December 1st. However, think about starting to save money for next Christmas on December 26. If you put five dollars away each week, by next December you’ll have enough money to buy affordable gifts and put money aside to pay down any debt as well.