Holiday Budgeting

It's the time of year for gift giving, entertaining, holiday parties, and for many–overspending and financial stress. This year, enjoy the season without letting holiday spending get the better of you; the tips and tools below will help. Setting a realistic holiday budget and making sure to stick to it is the first step to enjoying a more affordable and less stressful season. Here are a few ways to handle gift giving and celebrations without breaking the bank: 1. Set Your Budget The best place to start making a holiday budget is to look at your spending during last year's holiday season. In what areas did you spend more than planned? Next, make a list of the holiday purchases and events you plan to spend money on this year. Consider all of your major spending categories: gifts, entertaining, meals, and travel–then estimate how much you can afford to spend in each category. Knowing your spending goals long beforehand will help you stay on track financially as the season heats up. 2. Get Creative One great way to save money and wow friends and families is to get creative. Store-bought gifts are great, but homemade gift are often more meaningful and most recipients truly appreciate your time and effort. Ideas for creative gift projects are plentiful online. 3. Join Together Instead of excessively spending on each other this year, join together with family members to help those who may be less fortunate. 4. Travel Wisely If you plan on traveling, take some time to determine how much it will cost you. 5. Entertain for Less Holidays are a wonderful time to entertain, but a little planning and budgeting can help you avoid financial headaches. This article is from "practicalmoneyskills.com"