How Much Did You Spend this Christmas?

Christmas spending can be a little insane. Most people just racked up major consumer debt for the holidays and they’re starting the New Year on the left foot, not the right foot, when it comes to their finances.

1. Save all year

This is simple – we spent close to $1600, so if we had the same budget for next year we could create a “Christmas Savings Account” with Ally.com (2% at the moment) and we could throw $135 a month into it.

2. Create a budget for everything imaginable that might come up.

We have done well budgeting for gifts, but all the little stuff adds up. Now we choose to make extra donations, give 30-40% tips on haircuts/eating out, and things of that nature around the holidays.

3. Buy Boxes, Tags & Wrapping Paper NOW.

I am doing it today. Go to Walmart or wherever, go stock up on gift bags, name tags, and wrapping paper. If you need decorations do that too.

4. Be Creative with Gifts.

Figure out ways to be creative giving gifts if you’re on a strict budget. I have alluded to this in the past, but a gift I will never forget I am looking at right now a picture of my Grandma with a handwritten note she gave me.

5. Make Memories

Finally, make Christmas and the holidays about memories. Don’t worry about spending loads of money on gifts – see what fun and creative things you can do next year.

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