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Christmas Gifts: To Budget or Not To Budget?

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Christmas can be a fun time of year.  It can also be a stressful time of year.  Many people overextend themselves with gift giving during the holidays.  When January rolls around and the credit card bill shows up in the mail they aren’t sure how they’re going to pay for everything.

What do you think about paying cash for your Christmas gifts next year?  Here’s the best way to make that happen.  Once you’ve purchased all of your gifts for the year, tally your totals.  (You may be shocked at what you spent and never want to spend that much again.)  If you feel that’s about the amount you want to spend next year then proceed.  If not, come up with a better total for your family.

Let’s say the total you decide on is $1,000.  You now need to decide whether it would be easier for you to save monthly or weekly.  If it’s easier for you, setup an automatic monthly/weekly withdrawal from your checking into your savings account.

Saving Monthly:
Divide $1,000 by 12.  You will need to save $84 dollars a month.

Saving Weekly:
Divide $1,000 by 52.  You will need to save $19.25 a week.

Budgeting is not as hard as some people make it.  Figure out a plan that works best for you and stick with it.  Think of the peace of mind you will have next year when you’re purchasing presents if you follow a plan.

Thrifty T

2 Comments

  1. Yuri
    Yuri12-12-2010

    Hello,I got to your blog via the Lady Blogger Social Tea Party.You make budgeting/saving sound so do-able. Thanks for the advice :)Yurihttp://la-petite-ratatouille.blogspot.comHello,I got to your blog via the Lady Blogger Social Tea Party.You make budgeting/saving sound so do-able. Thanks for the advice :)Yurihttp://la-petite-ratatouille.blogspot.com

  2. Thrifty T
    Thrifty T12-12-2010

    Thanks for stopping by Yuri!!!

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