The Christmas season is one of the most important times in the world, these in terms of gifts, food, parties, and family. But it is also a very important date for your finances.
People often make plans long before, probably also often improvise meetings and even parties. But how important is it to plan finances for December? It will help you avoid headaches on those special dates and avoid the dreaded January cost.
Budget of finances for Christmas
While the main expenses that should be considered are the gifts, there are also dinners, parties, and drinks. Experts believe that the last months of the year are the strongest in terms of spending, so there is still time to organize.
You can start with a list that includes the following.
1. The list of the profits
Start with a list of your December earnings for the last few years, at that remove 10-12%. If you think it is convenient, add a part of your savings. Add the expenses that the family contemplates in that month with an extra 5%.
2. The gifts
Make a list of the people you want to give something to, what you want to give away and if it can be done at home. In the same way look for ways to save as in the wrappings.
Start looking for what you want to give away in physical stores and online. The prices are lower when they are made in the low season.
Discuss the ways you will pay for gifts and planning. Which will be in cash or if you will use the credit card. If you opt for cash do not put the risk of payment of other responsibilities.
If you opt for the credit, make sure you can actually afford the monthly payments on time. They must also be above the minimum.
5. Special budget
In case you have planned to leave the city, organize this budget in a special way.
6. The menu of the day
The Christmas dinner should be planned with a list of ingredients, what you have at home, what should be purchased and the estimated cost. Consider the option of receiving help from other families or helping the family that organizes it. If necessary, you can estimate a cost per person.
The drinks are usually the most expensive you can propose that everyone bring their drinks or that they contribute some amount of money to a beverage fund.
Once you have prepared the budget you should start as soon as possible. The more prepared you are and your purchases are more anticipated will be much better for finances. The idea is to end the year with money in your bag and not with a big hole.
Be part of the American conscious and prepared not to receive surprises. If you cannot plan and do not prepare, you must have the strength to endure and face your responsibilities.