- Assign a budget
Carefully analyze how much money you can spend without disrupting the other needs of your home. From the gift you give, to extra details such as wrapping paper.
- Make a list
Once you have the budget defined, write a list of all the people to whom you want to give something and assign a budget to the gift of each. If you discover that you do not have enough money to give to everyone on your list, delete some names or reduce the amount of money you will use per person. When you’re making that list, remember to write yourself down. You also deserve a gift!
- Organize an Invisible Friend
The old and dear invisible friend or secret friend as you call him, is always a perfect choice to save on gifts. A good shop like UncommonGoods can provide you the best product within a good price. If once you make the list you see that your budget is not enough to cover the expenses, or if your family is very large, or you have too many friends or co-workers to give away, agree with who you think is more convenient, and organize a secret friend so everyone gets something and do not end up on a broken bank.
- Only use cash.
Leaving credit cards in the house is a simpler way to remember that we have a budget assigned for each event and need for the holiday season. If you carry credit cards with you, you could skip the budget without realizing it. In case you need to use them, consider spending on credit cards as a short-term loan. As soon as you have the money, remove them.
- Do not borrow.
Many banks take advantage of the “need” of parents to please their children to offer them last minute loans. Do not fall in the trap. Better, use cunningly the resources you have at hand.
- Assign a savings fund for expenses
This is one of the most convenient ways to stay out of debt, and it can be applied not only for the Christmas season but for the finances of the home as a whole. Start saving as soon as possible, either weekly or fortnightly, in this case for gifts or Christmas expenses. Remember to keep what you can and when you can.