Is it too early to talk about Christmas or the holiday season? Nope! Especially when it means you will be dishing out cash for presents and merriment. Now is the time to create a holiday or Christmas present savings plan. A plan is the best way to avoid debt and get everything you need.
Create & Follow a Christmas Present Savings Plan
There is a reason why Santa made a list- they totally rock. Lists can make or break you during the holidays. Without a list, you will mostly certainly overspend on presents while also forgetting things you really need.
Along with a holiday shopping list, you need to also create and follow a Christmas present savings plan. A savings plan will get you the money you need and guide you through your purchases. Let’s review the steps to making a plan to buy your gifts without drowning in debt.
Steps to Make a Christmas Present Savings Plan
- Evaluate Your Current Household Budget
- Set a Gift Budget Based on Available Funds
- Make a List of Gift Recipients
- Distribute the Funds
- Brainstorm Gift Ideas for Each Person
- Research Costs of Gifts- Adjust as Needed
- Look for Deals, Savings & DIY Gift Options
The most important part about this savings plan is to be flexible. You may find that you have more money to spend, just enough or not enough to accomplish what you want for each person. Being realistic and adaptable are key qualities to keeping you away from credit card debt and bankruptcy.
The earlier you start the better off you will be since there is a hard deadline. You need presents before the party and time to buy them. Let’s assume you have 7 weeks to save and then purchase your gifts. Once you evaluate your budget, you should come up with a dollar amount that you can set aside from every paycheck or every week. From this estimate, you may already realize that you’ll either need to work more or think of some less expensive gift ideas.
Do you already have a healthy savings account. This is great news! However, it’s just as important for you to follow your Christmas present savings plan. Don’t squander your hard work away on overpriced gifts. Your loved ones wouldn’t want you to do that either. Remember the bigger picture as you make purchases this holiday season.
For more tips, check out ACCC’s Holiday on a Budget Pinterest board.