a bundle of money gift wrapped with a ribbon for the holiday

8 Tips for Creating a Workable Holiday Budget

One of the hardest parts of holiday shopping is setting your budget. But without a budget, it's very easy to overspend and have a ton of bills to pay after the holidays. Below are 8 tips you can use for setting your holiday spending budget.

1. Make a Recipient List

First, you want to make a list of who you must buy gifts for – friends, family members, teachers, bosses, coworkers, anyone you might need a gift for. This will help you know who you have to purchase for.

2. Set Your Amount

Once you know how many people you to buy for, it’s time to figure out how much you can spend. If you have friends you exchange gifts with, you can have an agreed-upon amount. The same thing goes for an office gift exchange, which usually has a maximum amount.

3. Make Sure You're Realistic

When you're creating your budget, be realistic. You want to have a budget that isn't too strict or too lax so you can overspend. The last thing you want to do is to have a lot of credit card debt that you can't pay off or dip into your savings.

4. Make a Fund Specifically for Holidays

This is something you can do in the beginning of the year. Put a certain amount in it every week starting in January and you'll have a good start at the beginning of next holiday season. Just think – if you just put $25 in the bank every week for 9 months, you'll have $900.

5. Look for Bargains

You can look for bargains online, but you would also be surprised at the great gifts you can get in dollar stores and Five Below. Don't have a Five Below near you? They do have a website, and everything is $5 and under. These types of stores are great places to go for stocking stuffers, which can end up costing a small fortune.

6. Think of Meaningful Gifts that You Can Buy

A gift doesn't have to cost a fortune to be something that they'll love. A grandparent would love getting a photo book of the grandchildren and many photo sites will have great sales on photo gifts around the year, often for less than you can expect.

7. Regularly Review Your Lists

It's important to review your list on a regular basis. Not only will this let you know how you are doing, but it also will help you know what you're looking for when shopping for people.

8. Set Alerts

Use the power of your phone to set up alerts for sales. This will let you know when something that you're looking for is on sale so you can snag it.

These are 8 tips that you can use for creating a budget that you can use for holiday shopping. You'll find that shopping is a lot more enjoyable and that the holidays aren't something that you have to dread. When you have a budget and you stick to it, holiday shopping can be fun because it's like a treasure hunt for bargains.

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