Even affluent families can easily overspend at this
time of year. Although one year of overspending will
probably not affect your long-term goals
significantly, a pattern of over spending certainly will.
Plus, if you have children think about the messages
and values you will demonstrate to them with your
spending patterns.
Here are some quick ideas to help you stay on
budget.
1. Make an overall budget and then assign
certain amounts to each category (e.g. Presents, Decorations,
Travel, etc.).
2. Have a plan for how you will pay for your holiday expenses before
you spend the first dime. (Hint: borrowing money is not an answer).
3. Assign each person responsibility for a category, (tip – assign the
most frugal to the budget items most likely to be exceeded.).
4. Suggest a holiday grab bag for adults so you are not buying gifts for
siblings, parents, etc. who may not need nor want a gift; or consider
a card exchange only.
5. Put all receipts in an envelope and review them on occasion to see
who has been naughty or nice with keeping to the budget.
6. Resist the urge to splurge, even with all of the sales and media
attention to them. What the media isn’t focusing on is the damage
to your long-term goals that overspending creates, even when you
buy on sale.