Budgeting during the Holiday Season

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 Between flights to visit family, gifts for everyone, plus that new pair of skis you really *need* this year, it can be hard to fit into your budget this time of year. 

Check out these tips for staying out of debt this holiday season!


1. Do you actually have a budget? 

    Write down your monthly income, and then create two columns: one for "fixed" expenses, and one for "flexible".

In the fixed column, write out every expense you have to pay this month, like bills, groceries, rent/mortgage, loan payments, and subtract that total from your income. 

In the flexible column, write out your usual spending categories, like entertainment, eating out, alcohol, and clothes and subtract the total from your remaining income. Play with the amounts you plan to realistically spend in those categories and see how much is left for gifts. 

Hint: If you're new to budgeting, it can be helpful to review old credit card statements when decided how much you plan to spend in each category. 


2. Propose a "Secret Santa" or other type of gift exchange

If you're part of a group that usually buys gifts for one another, suggest drawing names so that each person is only buying a gift for one other person! 


3. Think outside the box

DIY Dabbler: Have you always wanted to learn how to make soap? Earrings? Cutting boards? Even if you're not planning on taking your crafting hobby pro, at least see it through long enough to make a little something for everyone on your list. People go nuts for handmade gifts, even if they aren't as "fancy" as something you picked out at the store. Your loved ones will be thrilled about the effort you put into their gift this year.

Give the gift of time: to make a smaller gift more special, dress it up by including YOU as part of the gift! Give a gift card or "coupon" for a dinner date, spa day, sightseeing daytrip, or other experience, and get ready to share some sweet memories outside of the actual day! 


4. Establish a new tradition with kids

Setting limits on gifts with kids can be easier if you have a framework to go with! Try this popular rhyme to set limits in a fun, creative, and constructive way!

"Something you want, 
Something you need,
Something to wear,
Something to read."

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