How to Kick Your Budgeting into Gear, Just in Time for Christmas

The holidays are just around the corner. You may be ready, but is your wallet ready, too? In 2015, the average person spent $882 on Christmas gifts for others. Many people don’t have almost $900 just sitting around to spend for Christmas, though. Even though it’s now October, it’s not too late to start budgeting for Christmas gifts now. Here’s how you can kick your budgeting into overdrive to afford Christmas gifts without putting your credit cards to use.

Plan it Out

Budgeting for Christmas with a planned list
Source: Pexels

Starting now, grab a notebook and write down everyone you’d like to send a gift to. At the top of your list, come up with a number to spend, in total, on Christmas. Now, think about decorations, meal costs, and other expenses you’ll have for Christmas. Deduct that number from your total budget. What you have left is what you have to spend on gifts. Spread the total throughout your list, allotting each person an amount for a gift.