Any great holiday begins with a plan, also known as a budget. If you want to avoid excess credit card bills, unexpected expenses and disappointment, start your plan ASAP. Set up a spread sheet (or grab paper and pen) and develop a chart including all anticipated expenses. Across the top of the page, use these headings:
- Expense/Recipient
- Budget
- Gifts/Expenses
- Amount Spent
- Total Remaining
In the "Expense/Recipient" column, list the following:
- Each Immediate Family Member
- Each Extended Family Member
- Each Friend
- Co-Workers
- Gift Exchanges (i.e. office party or Sunday School activity)
- Photos
- Cards and stamps
- Food
- Travel Expenses
- Clothing
- Charities
Below the "Budget" Column, designate an amount per line item. Total this column to determine if the amount you plan to spend this year is within your family's means. Make adjustments as needed until this number is suitable.
As you purchase items, record each in the "GIFTS" column in the appropriate row. (You can also list items you may be purchasing. Leave the next column for these items blank until the item is in hand.) At the same time, record the price of each item in the "AMOUNT SPENT" column.
Compare the "AMOUNT SPENT" to the "BUDGET" to determine how much you can safely spend on a particular person or on a certain expense.
You are now able to track spending and review what you still need to acquire at just a glance. In the future, update the spreadsheet from the previous year.
