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The holidays are just around the corner, and they bring with them lots of festivities and joy. Another, not so fun thing that accompanies the holidays is the urge to spend. Statistics show that the average consumer easily spends $1000 or even more on the holidays.

The issue here is, if you’re swiping your credit card or taking some money out of a savings account to pay for all the decorations, presents and everything else, you are likely to find yourself in a lot of extra debt by the start of 2021 and in need of credit card consolidation.

Don’t worry,though; your wonderful Christmas shall go on!

The best way to enjoy your holiday season to the maximum without having to worry about future debt is by making a holiday budget and following it to the THere is a step-by-step guide to creating the perfect holiday budget that will make sure you have a merry Christmas without falling in debt. You don’t want to end up in a position where you don’’t take out a loan because you don’t qualify.

1. Determine the Total Amount You Can Spend

The very first step should always be to estimate just how much you can afford to spend this holiday season so you don’t . Only then can you create a reasonable budget and start purchasing the gifts.

To estimate your total spending amount, be sure to consider all the expenses of the holiday season. It should generally include the money you will spend on:

• Gifts for your family, friends and coworkers.
• Wrapping paper for the gifts.
• Any holiday cards and postage.
• Travel costs if you’re flying to be with family.
• Decorations for your tree.
• Entertainment for your holiday guests.
• Food if you’re hosting Christmas dinner or a party.

An excellent rule to follow is to set aside approximately 1.5% of your total annual salary for your holiday budget. This is around two weeks’ worth of income. Your total budget for gifts should be no more than half of this amount, which is around one week’s pay.

2. Figure Out Who You’re Buying For

Now that you know how much you can spend in total, it’s time to figure out who you’ll be spending money on. Buying gifts randomly and then deciding who you can give them to will often leave you with extra stuff lying around.

To avoid this, create a proper list of all the people in your life that you want to buy a present for this holiday season. Then, set up a points system instead of having a specific dollar amount for each gift. This will allow you flexibility in picking out the gifts and make your Christmas shopping a lot easier.

For example, you can give 3 points for immediate family members and best friends, 2 points for close friends and dear cousins, 1 point for everyone else like coworkers or distant relatives.

Add up the total points, and then divide it by your gifting budget to find the money to spend per point. Now, you can easily multiple it by the number of points to find out how much to spend on each person. You can also consider redistributing the points if you feel like you aren’t giving enough to certain people.

The most crucial factor to remember is that you stay within your budget, no matter what.

3. Create a Proper Shopping Plan

Once you know how much you can spend on each relative or friend, it’s time to make a solid shopping plan. Do your research and lookup online stores before heading to the mall. You can often find exclusive holiday sales or discounts online that may not be available in-store. It will help you cut back on your expenses and perhaps spend on new clothes for a holiday party or a bigger tree.

4. Try DIY-ing Memorable Gifts

Remember, gifts of time are way more special than gifts of money. You can show your family and friends how much they mean to you by setting aside some time over the weekend to DIY a few unique gifts.

Homemade gifts are highly personalized and more memorable than anything you buy off the counter. After all, you know what your best friends would like better than any retailer or mall shop. Look up videos on YouTube or search for DIY gift ideas on Pinterest to help you out here.

Some Tips To Adjust Your Budget

You might find yourself a little short on money when you start buying gifts and decorations. Here are a few quick tips you can follow to adjust your budget and still have a good holiday.

Sell Unwanted Things

If you need to give your holiday spending budget a boost, don’t reach out for your savings! Instead, consider de-cluttering your closet or storage space and take out all the things you don’t need. Things like tools, clothes, collectibles, electronics, and home goods can fetch you a fair price on Craigslist. You can even have a little garage sale for all these items to increase your holiday spending a little.

Stop Yourself from Indulging

A good practice to follow, especially a few months before the holiday season, is to cut down on indulging. Instead of grabbing your morning coffee from the local Starbucks and going to the movies every weekend, try to make your coffee at home and stay in every now and then. These expenses may not seem like much, but over a few months, you’ll find yourself saving up an impressive amount.

The Final Words

There you have it! All the steps you need to follow to stay within budget and not end up with stressful debt over the holidays. If you need further help or guidance, consider talking to a credit and debt counsellor. They will help you create your budget and offer useful solutions to get you out of debt ASAP.