Work out your budget<\/strong><\/h2>\n\n\n\nOnce you\u2019ve identified all of your targets for a hefty dose of holiday cheer and goodwill, it\u2019s time to start working out the budget. <\/p>\n\n\n\n
So, why start with your list of gift recipients instead of starting with a bottom-line figure you want to spend? Excellent question! Knowing exactly who you\u2019re buying for keeps you from expanding the list just because you can \u2014 \u201cI have this much to spend, now who can I buy for?\u201d<\/p>\n\n\n\n
Instead, every dollar is earmarked for your preset gift list, preventing any last-minute overspending or, even worse, forgetting to buy a gift for someone you love! <\/p>\n\n\n\n
Get started by downloading the worksheet above. It has rows for each recipient, their gift(s), and how much money you plan to spend. But just how much should<\/em> you spend? This is subject to interpretation \u2014 there\u2019s no formal minimum expense for showing people you care about them. <\/p>\n\n\n\nA good rule of thumb, though, is to not overextend yourself \u2014 the season is about giving, not about spending beyond your means. Set a realistic figure as your overall gift budget, informed by the list of people you\u2019re buying for, and do some research across online retailers or at your local mall or marketplace. <\/p>\n\n\n\n
If you find yourself exceeding the budget you\u2019ve created, go back to your worksheet and make adjustments. With proper planning (not to mention hitting the sales on Labor Day, Black Friday, Small Business Saturday, and Cyber Monday), you should be able to stick with your plan and not overspend.<\/p>\n\n\n\n
Don\u2019t wait, start saving<\/strong><\/h2>\n\n\n\nStart with a sinking fund<\/strong><\/h3>\n\n\n\nSimply put, sinking funds are essentially savings goals. While it may be alluring to stash cash in old-fashioned envelopes, it\u2019s never fun to misplace or lose track of a hundred dollars \u2014 or worse! Instead, opt for virtual stashes, like a new savings account at your bank, or a savings goal in Quicken or Simplifi. <\/p>\n\n\n\n
How you start stashing away for these savings goals is up to you. Whether you decide to transfer money from your biweekly paycheck, work a side hustle to finance your holiday gift-giving, or receive a windfall of cash like a bonus, adding funds to a savings goal can set you up nicely for the holidays. <\/p>\n\n\n\n
There\u2019s no hard-and-fast rule on how many sinking funds you need \u2014 you can create one for travel, home repairs, entertainment, and more. By creating one and continually depositing money, you\u2019ll be prepared to buy gifts for everyone on your list. <\/p>\n\n\n\n
How can you get started? <\/strong><\/h3>\n\n\n\nWhen creating a holiday savings goal or a sinking fund, start with these three steps. <\/p>\n\n\n\n
\n- Who is the purchase for? <\/strong>It\u2019s time to get specific \u2014 list who you\u2019re buying for and what you\u2019re getting them.<\/li>\n\n\n\n
- Decide how much you want to spend<\/strong>. Take a look at how much you\u2019ve spent in the past few years on gifts, and let that be your guide to inform this year\u2019s budget. By deciding how much you want to spend, you can take the guesswork out of gift-giving and avoid impulse buys. <\/li>\n\n\n\n
- Identify how much you\u2019ll need to save. <\/strong>Once you know how much you\u2019ll need, it\u2019s time to determine how much you should add to your savings week over week. <\/li>\n<\/ol>\n\n\n\n
Fortunately, it\u2019s still August and there\u2019s plenty of time to contribute to your sinking fund, especially if you\u2019re planning on doing most of your shopping after Thanksgiving. <\/p>\n\n\n\n
So, what do those contributions look like in a real-life scenario? You\u2019ll need to take a look at your personal budget, but the idea is to contribute whenever you have an inflow of cash. If you\u2019re paid twice a month, you may have up to nine paychecks left before the holiday season kicks off. <\/p>\n\n\n\n
If you plan on spending $1,000 on holiday gift-giving, you\u2019ll need to contribute $111.11 to your sinking fund from each of those 9 paychecks in order to hit that figure \u2014 barring any windfalls of cash or extra income you want to contribute. The idea is to play around with that figure so you\u2019re not overextending yourself financially to meet it. If you can\u2019t free up $111.11 per pay period, you\u2019ll need to either lower the savings goal or start a side hustle to make more. <\/p>\n\n\n\n
How to enjoy a stress-free holiday season<\/h2>\n\n\n\n
Remember, the holidays are about being together with the ones we love and expressing our gratitude for the relationships in our lives. They\u2019re not about going overboard (at least, not financially). A $10 gift with meaning outweighs a $100 gift any day of the week \u2014 or any month of the year. It\u2019s the thought behind it that shows how much someone means to you!<\/p>\n\n\n\n
Still, it does feel great to buy someone you love something that they really want. By using the printable worksheet above and planning ahead in Simplifi or Quicken, you can stick with your plan and make this coming holiday season your best holiday season yet!<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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