How To Stretch Your Holiday Budget

By Author: Chris Scully
Total Articles: 4762
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In tough economic times with high unemployment, staying on budget is more important than ever. Many people find it very difficult to stay on budget during the holiday season. You can have a very happy holiday season and stay on budget.

Plan your holiday budget early. The earlier the better. Determine the total amount you can afford to spend for the holidays. Break down your holiday spending into categories such as gifts, decorations, travel, holiday meals, etc. Assign realistic spending limits to each of those categories.

Give the gift of time or your particular talents. For example, give a relative with young children a coupon for one (or more) nights free babysitting. You get to spend time with the little ones and they can go out to dinner or something. If you happen to be able to knit, you could knit sweaters for your family. Be creative! You'd be surprised at the number and variety of gifts you can give that cost you little or no money. These kinds of gifts may mean more to your family than anything you could buy at the store.

When you go gift shopping, make a list ...
... and stick to it. Before going to the mall break down your gift budget to specific amounts you're going to spend on each person on your list. Stick to your list and don't overspend.

Use credit/debit care rewards programs. The best programs build up points that you can use for a variety of goods and services. My bank offers a rewards program attached to my debit card. I utilize it as much as possible. As a result, I have not paid a penny for Christmas gifts for the last two years. I purchased all of the gifts I gave with rewards points.

Turn holiday get-togethers into pot lucks. A fun way to save a little money on those big holiday meals is to turn them into a kind of pot luck. Your family or friends would probably be happy to contribute a dish to the meal. You can save money on holiday groceries this way. The added bonus is that since others are doing some of the cooking you'll spend less time in the kitchen and more time with your family or friends.

Plan for next year at the end of the holidays this year. As soon as the holidays are over do your holiday planning for next year. Work out your overall budget and break it down into categories. Capitalize on post-holiday sales.

For example, greeting cards can be a big expense for people who have large families and many friends on their lists. The best way to save on these is to buy them after the holidays. I have purchased cards the day after a holiday for as much as 75% off their normal retail price. If you feel like haggling a little you might be able to get an even deeper discount, considering the store is going to have to take down their display and store the merchandise somewhere. They'd rather sell it. Unsold holiday products in a warehouse or store room are a loss for the retail store.

With a little planning and effort you can have a wonderful holiday season without breaking your budget.
About Author:
For more than two decades, Chris has used his extensive executive training to successfully manage small businesses and non-profit organizations. He is also a licensed real estate sales agent with first-hand experience helping individuals and families qualify for mortgage loans and home financing.

Chris is a consumer advocate for ethical debt settlement and credit repair practices, a personal finance blogger, and author of the book "The Debt Survival Kit." For more articles, tips and advice from Chris on how to control finances, get out of debt, improve credit scores and achieve financial prosperity, visit http://www.mymoneymess.com.