Did you have a goal to Cash-Flow Christmas?
Did you achieve that goal? If you didn’t, do you have a plan to pay off the credit card bills when they arrive in January?
Either way, I’d like to share some tips with you to plan ahead for Christmas 2016. No only will these tips help you financially prepare, but they will also help reduce stress during the busy Holiday Season.
Track your Spending
Now is the time to go through account statements and/or receipts and make a list of all the money you spent on the Holidays. Make sure to include the most commonly overlooked items as well.
Check your List
Do you need to add or subtract anyone from your list? Did you need to make a last minute gift run because you forgot someone? Was there someone you wanted to buy a gift for but he/she didn’t make the list because you didn’t have enough money?
Make sure your list is complete so that you don’t forget anyone and everyone is included.
Create the Budget
Once you have completed the first two steps, you can create the budget. Consider a dollar amount to spend on each person and use that as a guideline. It’s better to over budget then under budget.
Once you have decided on a number, divide that number by 10 and save that much each month starting in January. You can create a separate savings account or save it as cash in an envelope.
For example, if your total budget is $1,000 you will save $100 a month starting in January through October.
Consider other Gift Giving Options
Did you spend too much time running around trying to find that “perfect” gift?
As a parent, do you feel like you bought your kids too much “stuff”.
Consider some other options like:
Donations to Charity in a persons honor.
Each child gets three gifts because that’s all Baby Jesus received or
Each child gets four gifts: a want, a need, something to wear and something to read.
Gift cards also make a great gift!
Lists, budgets, decorations, cards, etc should be organized to save you TIME next year. A simple file folder for your list, a simple notebook for your budget ( maybe your list can go there, too) and some sturdy plastic bins for decorations will make it much easier to prepare everything next year.
If you are someone who buys gifts a little at a time during the year, get a bin or a box for those, too so you know exactly where you “hid” them.
Bonus Tip: Create a plan to pay off any debt you put on credit cards. Pay off that balance as FAST as possible to avoid paying extra in interest.
Do you need help organizing your finances? The best time to start is right away so you have momentum going in to 2016. Contact me at MelissatheCoach@gmail.com to set up your FREE initial consultation.