Have you ever noticed how short the fall season is? Really, I feel like the days between Labor Day and Thanksgiving just fly by. One minute, I’m getting the kids ready for a new school year; the next minute, however, has me thinking about Christmas and the holidays. Wow!
Being the frugal-minded little planner that I am, I insist upon making up a budget for the holidays every year. How else can I be sure that I don’t forget something? How will I know how much I am going to spend? Yes, now is the time to start working on a holiday budget.
I like to begin the process by pulling out last year’s budget. What gifts were a hit? Did I overspend on someone? Did I have to add someone or something to the list? Knowing what things worked will give me a great jumping off point for this year’s plan. Take heart, though, if you didn’t have a budget last year. Just make sure you save this year’s budget for review next year.
Next, I start a new budget. I begin by listing everyone that I will buy a gift for. I also try to write down the amount of money I will spend on that person and any gift ideas that come to mind. I can add gift ideas later, though, if I’m feeling a little uninspired right now.
I also try to include other types of expenditures that I make during the holidays. The cost of holiday cards and stamps to post the cards always make the list. If I want to add something to my holiday decorations, I try to budget for that, too. Do you prepare any special foods around the holidays? I might splurge a little for ingredients for my holiday baking. I also tend to prepare a few large, family dinners over the holiday season. Those incremental grocery costs are part of my holiday expenses.
Finally, don’t forget to think about your holiday travel plans. Will you stay relatively close to home or will you travel a long distance? Will you fly or drive? Will you need to stay in a hotel? You’ll need to work each of these factors into your holiday budget, too.
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I started my gift shopping about three months ago. Seriously. I usually only try to buy one or to things per month so I don’t really feel it financially, but if you want to take the “sting” out of holiday shopping, start some of it in July.
If you like to give gift cards the way that I do, what’s the difference if you buy them in July or December? They aren’t any cheaper or more expensive in December, right?
Pick them up a little early so the CC bill you get in January won’t kill you.
Great article especially for the upcoming season.
I like to buy in bulk a number of the same gifts that are thoughtful- a little cheaper that way
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I totally agree with this entry. Actually, I picked up my first Christmas present for this 2009 season a couple of days after Christmas 2008. The best time to pick up these gifts are during clearance sales and even store closings.