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Thanksgiving is over, but the holiday season is still here. Now it’s time for you to make your list and check it twice, just like jolly ol’ Saint Nick.
Although Santa Claus is making his list and checking it twice to determine who was naughty or nice, we need to check our lists to make sure we don’t spend more on holiday gifts than we can afford. Here are steps to follow to help you enjoy the festivities without breaking the bank.
Before you start shopping, take the time to make a holiday gift list. Limit your list to close friends and family, starting with family first. You may even decide to trim your list by buying for nieces and nephews and not siblings.
Beside each name, write the maximum you want to spend on this person. Then total the amount for all the gifts on the list. You might be shocked to see how quickly even small amounts for everyone on the list add up to more than you can afford.
Now go back to your list and either eliminate some names or reduce amounts until the total is within your means. You might have to go through this step several times to get to an amount you can spend without using credit or creating debt.
Bring your list with you and aim to spend no more than the target amount for each gift. If you go under the amount on some gifts you will have some flexibility to spend a bit more on other gifts as long as you stay within the original overall limit.
Imagine how nice the New Year will be without the shadow of having to pay off holiday bills for the next 12 months. Financial peace of mind is a gift you can give to yourself!
At the Airman & Family Readiness Center, we encourage military families to plan ahead throughout the year to get and stay financially fit.
If you have more questions or would like more information on budgeting for the holidays, call 480-5100 or 06371-47-5100. The Airman & Family Readiness Center also provides in-house briefings, classes and one-on-one appointments to serve your financial readiness needs.
