B P T
Three letters that represent your financial successes over the Holiday Season
Budget, Plan, Track
Avoid the January Financial Hangover by budgeting, planning AND keeping track of your expenses this month. It is easy to get carried away this time of year. Not just over-indulgence in gift spending, but over-indulgence in food buying as well.
If you sat down and actually calculated how much you spend every year on ONE day of the year – you would be flabbergasted to say the least.
To help you in your quest to save you from financial difficulties come January, initiate the following plan of action and be better prepared this year.
To create a Christmas Budget, you need 3 things:
1. List Spending Categories
2. Set Spending Goals
3. Track Expenditures
Spending Categories:
- Gifts
- Stocking stuffers
- Gift wrap
- Postage and shipping
- Christmas cards
- Holiday photo
- Tips and service gifts
- Holiday meals
- Baking and kitchen gifts
- Entertaining
- Décor items and Christmas tree
- Home improvements
- Travel expenses
- Holiday clothing
- Charitable donations
- Post-Christmas sales
Spending Goals ~ Next to each category, set reasonable spending goals allocating funds according to the most important categories. Add up all the items and….pass out…then get up and only then will you realize just what Christmas costs to you and your family.
TRACK all expenses ~ even those small, impulse-type thingies displayed at the store checkout counters. Then, every other day or so, compare expenses to the actual budget to keep you on an even keel.
Voila….you will have managed to stay on (or under!) budget and can feel pretty darn good about it too. Keep this year’s budget to set next years budget to keep your ongoing reality check IN check!