Holiday budgets: Make it and stick to it - My9 New Jersey

Holiday budgets: Make it and stick to it

Posted: Updated:

Here are some tips Mark Lloyd shared on how to make a holiday budget you can live with this year:

1. Prepare a written budget. Develop a budget for each person and, if necessary, use envelopes with each person's name. Paying cash for each item ensures you won't go over your limit. When you get them a gift, cross their name off the list. Be sure to get those gift receipts!

2. Make a list and check it twice. If you have a total budget for Christmas, make a list with each gift recipient and allocate the money accordingly. Again, follow the envelope approach if you tend to get too festive and overspend. If you're able to get a deal and save a few dollars, add it back to the pot for the remaining purchases. 

3. Forgo the cards. Avoid the plastic since not physically paying for things makes it easy to overspend. Last thing you need is paying the minimal balance on your card and that $30 dollar gift costing you triple due to interest. 

4. Comparison shop. Check prices for each gift online to make sure it's a deal and to stretch your dollars. Remember to factor in shipping and, given the new Georgia law, sales tax. Also, make sure to check the return policy to avoid any surprises. 

5. Plan for the contingencies. Don't forget to allocate for "wiggle room." It never fails that someone surprises you with a gift or you leave off one of your nephews. A good rule of thumb is two regular gifts. 

6. Give the gift of time. Above all else do not feel bad if you can't get someone a gift or have to drop your amount a little. The gift of time and friendship is worth more than any present. Spending time with family, friends, and loving on the kids is all the gift anyone needs. It's also the gift that keeps on giving so lavish it on. 

  • Good Day ArchiveMore>>

  • Improve your commute with the "One Bus Away" app

    Improve your commute with the "One Bus Away" app

    Thursday, April 17 2014 9:03 AM EDT2014-04-17 13:03:23 GMT
    Don't you hate when you're waiting for mass transit and have no idea when that train or bus will show up? Now, there's an app for that and it's saving people time and money.
    Don't you hate when you're waiting for mass transit and have no idea when that train or bus will show up? Now, there's an app for that and it's saving people time and money.
  • Brewery Celebrates The "Sweet" Life At 420 Fest

    Brewery Celebrates The "Sweet" Life At 420 Fest

    Thursday, April 17 2014 8:45 AM EDT2014-04-17 12:45:46 GMT
    A new venue and a major headlining band are set to make this year's 10th Annual SweetWater 420 Fest the biggest yet.
    A new venue and a major headlining band are set to make this year's 10th Annual SweetWater 420 Fest the biggest yet.
  • FOX Medical Team

    Eat for the Test!

    Eat for the Test!

    Thursday, April 17 2014 7:48 AM EDT2014-04-17 11:48:58 GMT
    If you want your student to test well, Cheryl Williams, a registered dietitian with Children's Healthcare of Atlanta says breakfast is the most important meal.
    If you want your student to test well, Cheryl Williams, a registered dietitian with Children's Healthcare of Atlanta says breakfast is the most important meal.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices