Set Budget For Holiday Gift Giving
Setting Budget Will Help You Keep Control Of Spending
By Jean Marquit, Contributing writerOne of the most expensive times of the year is holiday season. Many people want to show their love to family and friends through gifts, but before they know it, the debt is piling up.Before the holiday season arrives, consider putting together a budget for holiday gift giving. Especially in the current economic climate, a budget can help you keep track of your expenses, and keep you honest as you do your holiday gift shopping.
Evaluate Your Limits
It is important to set limits. You can do this by setting a per-person limit, or by setting an overall limit. Some people find it helpful to put together a list of everyone they plan to get gifts for, and then list "extra" gifts for people that they may have forgotten. Look at your list and your financial situation, and decide how much you can afford to spend on gifts.Remember: You need to be brutally honest with yourself about how much you can afford to spend. You may not be able to buy a holiday travel package as a gift this year, especially if things are tight.Step Two: Consider Your Options
Think about the gifts that you plan to give. Check their prices and comparison shop. Think about your talents and consider making gifts. Remember to spend appropriately. Mom and dad should, as a general rule, have a more expensive gift than siblings. Do you really need to get gifts for the children of close family friends and relatives?Another option is to speak with family ahead of time. Many large families limit gift giving budgets by doing a drawing for who you will buy a gift for. Then a dollar amount serves as the limit.Track Spending
Part of budgeting is tracking your spending. Make sure you are keeping track of the gifts you are buying, and how much is spent on each gift. If you are making gifts, track the cost of the materials you are using. Try and stay within your budget limitations. That is key to avoiding debt.Planning Ahead
Now is the time to plan for holiday gift giving.Budgeting is all about planning for the future. And it is possible to include holiday gift giving in your year-round plans. You do not have to think about gifts only as the holidays approach. Set aside money throughout the year in a special savings account, ready to be used for the holidays. How much you save depends on your gift spending limit, as well as what you can afford after your own financial needs are met. You can also work gifts into your monthly budget, spreading the cost out over a year.That way you will be less likely to go into debt when the time comes to buy gifts.Distributed by Internet Broadcasting. This material may not be published, broadcast, rewritten or redistributed.
The views expressed are not those of ClickOnDetroit.com, WDIV or its affiliated companies. This is a community moderated forum. (Please note the 'Like' and 'Report' tabs.) By posting your comments you agree to accept our Terms of Use.
blog comments powered by Disqus
WARNING: GRAPHIC VIDEO. A nanny is facing battery charges after police say hidden camera video shows her slapping and violently handling an 11-month-old child.
A former Detroit Piston and local businessman has filed for bankruptcy, and the list of his creditors has gone public.
She's known for tackling hard-hitting investigations. But now Karen is a new mom. Will it change the way This Defender covers crime. See what Karen says about it on Local 4 News Morning.
U.S. Marshals using information from Detroit
police have arrested in California a man wanted in a double slaying
reported by the 8-year-old daughter of one of the victims.
The Democratic-controlled Congress has approved historic legislation extending health care to millions of Americans who lack it and cracking down on insurance company abuses. The passage is a much-needed win for President Barack Obama. (March 21)
Veterans clubs have started a petition drive to have their lodges exempted from Michigan's
smoking ban when it goes into effect May 1st.
Three men who posed as police officers tied up residents in a home in Detroit, according to police.
Freighters dealing with ice jams in southern Lake Huron.
A local business owner anxiously watches the fire, hoping his store would be spared from flames.
Summoned to success by President Barack Obama, the Democratic-controlled Congress approved historic legislation. Now it's heading back to the White House.
A volcano erupted near a glacier in southern Iceland, shooting ash and molten lava into the air and forcing the evacuation Sunday of hundreds of people from nearby villages.
Thousands of protesters -- many directing their anger squarely at President Barack Obama -- marched through the nation's capital Saturday to urge immediate withdrawal of troops from Iraq and Afghanistan.
Email Alerts
RSS News Feeds
Mobile
Live Streams
Slideshows
Video
Search
