It’s Christmas shopping time. I love love love sharing the gift of Christmas with the family and friends. However, I’m very “budget-aware” and blind shopping and spending money gives me hives. If you can relate, this is the perfect post for you.
HOW TO CREATE A DEBT-FREE CHRISTMAS PLAN
1. Make a list of EVERYONE you have to buy for and I mean everyone. Start with your spouse and kids … go all the way to teachers/co-workers … end with the paper boy. Every person that will get a penny is on that list – even if it’s in the form of an added bonus/cash tip!
2. Now, without looking at the list, determine HOW MUCH you have to spend on Christmas this year. Be realistic … you have some time to save, make some extra money and spread it over paychecks. Do what you can to keep it off of a credit card or pulling from a savings account.
3. Take that amount and break down how much each person on the list you created in #1 will be allotted. There are a couple of ways to do this, the two easiest are:
- segment – for example, immediate family gets 50%; extended family 30%; all else 20%. Then break down allotments from there.
- assign amounts as you see fit and then adjust as necessary
4. Make a spreadsheet. Here are the columns you will need:
- Name
- Allotted amount to spend
- Gift purchased
- Where Gift is stored
You are welcome to download my spreadsheet if you wish! Or make your own based on how you shop.
If you have family out of state (or even the country), remember to calculate shipping costs into the gift if you are buying off the rack. (This is one reason that I love (and advocate) being an Amazon Prime member. They lose BIG money on me during the holidays since all the shipping is two-day and is paid for in my agreement.)
From there, keep the gift list with you at all times. If you have a gift in mind, pencil it in and watch for it to go on sale. (You may want to create an extra column for this!)
You WILL save money if you follow this plan … I promise! Nothing says Happy New Year like a bank account that isn’t empty from an over-spent Christmas!!!
Remember my motto, there’s no cents in paying full price!
* This post is part of a weekly segment on KSBJ Christian Radio. For more on segments featuring Stephanie Click, the Texas Money Mom, click here.
