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Saturday, October 15, 2011

Budgeting for Christmas Gifts

Once again...Christmas is almost here!  Its exactly 10 wks until Christmas Eve from today (Oct 15th).  I usually try to budget and plan ahead at least around this time each yr.  As many of you know, Christmas can get VERY expensive and if you have a large extended family like mine or have several children it's that much more expensive.  However, there are a few tips you can use to minimize your last minute spending.

1.)  Write down EVERY person that you intend to buy a gift for on a list. 
EVERYONE includes school teachers, co-workers, and even the mail man that you've always wanted to give a little something to.  Once you have your list of people then start thinking of and jotting down gift ideas for each person. 

2.)  Come up with a budget. 
This will be based on the # of people on your list and the gifts you have planned to buy.  Come up with a practical # and add $30-$50 extra just in case you forget someone or something costs more than planned.

3.)  Watch for the sales!!! 
Now that you really have a "go to" list you know what you are looking for.  Look in your Sunday ads while couponing, look online, and check when you're shopping.  You will surely get a good idea of what the average price is and what a good sales price would be after you look into these resources. 

5.)  Homemade gifts. 
These are some of the best gifts I have ever made/received.  Since my husband has a large family, last yr we decided to make something for everyone.  We make homemade hot chocolate mix in a decorated mason jar and gave my FAVORITE desert...Oreo balls!!!  I gave the recipe for both attached with the gifts.  I also did this for my co-worker at work, but I made homemade pumpkin bread and cookies.  The yr before last I made "movie night kits" for some of the kids in our family.  I filled plastic popcorn boxes from the dollar store with movie candy, popcorn, glass bottled cokes and bought $5 movies from Walmart.   Everyone knows times are tough in this economy and Christmas is REALLY not about the gifts anyway. 

6.)  Layaway plans.
This is a great way to budget without maxing out your credit cards and having to pay expensive interest.  Most of the major dept store chains do offer layaway.  Most require a small down payment, minimal service fees and a minimum purchase.  Go to this link explaining the main chains and their requirements for each store's layaway policy.  http://frugalliving.about.com/od/christmas/qt/Stores_Offering_Layaway.htm

7.)  Gift card deals.
MANY people give and like getting gift cards.  There are always good offers during Christmas season for this plastic gold.  Tom Thumb and Kroger offer 4x fuel points for gift card purchases during Christmas.  This means that instead of .10 cents off a gallon for every $100 you spend, they will give you .40 cent off a gallon for every $100 you spend in GCs!  Not bad when gas is so costly.  Also, stores like Target, CVS and Walgreens also have deals sometimes with gift cards if you purchase certain items advertised. 

Any good ideas?  How do your family and you budget for Christmas?

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