In this time of worldwide economic hardship, Christmas shopping may seem like a daunting and expensive task this year. However, a little careful planning will help to preserve a budget while ensuring that no one is forgotten.
Set a Spending Limit
Setting a maximum amount to spend on Christmas gift giving is very important; even more important is sticking to this limit. Tempting as it may be, do not spend any more than is initially allotted!
Each person's financial situation is different, so this limit will vary for everyone. One means of saving a little extra is to invest in a Christmas Club account. Some banks and credit unions offer special accounts which the owner can contribute to throughout the year, but can only make withdrawals from during the Christmas shopping season.
Make a List
Before heading to the store to purchase any gifts, a complete list of gift recipients should be made. Brainstorm a complete list, starting with family and close friends.
For those with limited financial resources, there is no shame in a very short Christmas gift recipient list. In order to stay within a budget, it is sometimes necessary to leave out some people. Some may wish to buy gifts for extended circles of friends and coworkers, while others may limit their lists to strictly immediate family and the very closest of friends.
Once the recipient list has been made, check it and double-check it before making any purchases. Make sure no important people have been left off of the list, and that there are no unnecessary expenditures on the list either.
Divide the Budget
Using the predetermined budget as a guide, set a spending limit for each individual person. Some people, such as parents or spouses, may be allotted a larger portion of the budget. Strictly setting limits for spending on individual gift recipients is a great way to avoid overspending.
Stick to the Budget
Take the completed list with budget figures on all Christmas shopping trips. When purchasing gifts, keep a running total on the list of which items were purchased and how much they cost. Once each recipient's limit has been met, do not purchase anything else for that person. If a better gift comes along, keep all receipts and return other items as needed to stay within each person's preset budget.
Any items that are a "maybe," keep a list of the items, where they were found, and how much they cost. If no better gift for that recipient is found, this information will make it easy to go back and purchase these items later.
One of the biggest tricks to shopping on a budget is to start early. Getting a head start on Christmas shopping as soon as possible will allow more time for bargain hunting. Sales and clearance racks are great ways to stretch a budget, however the selections may be limited so more time and shopping trip may be needed to find items for every person on the gift recipient list.
Carefully planning a budget and some savvy shopping will help ensure that Christmas is neither a disappointment nor a financial burden this year!
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