Well the Holiday Season is upon us again. Many of use are decorating our homes, planning that big Xmas dinner and of course shopping for gifts. Our stress levels begin to rise with every phase of the Holiday planning and the expense of it all!
How much money should you plan to set aside for this holiday season? Money experts suggest spending no more than 1.5% of your annual income on holiday spending. To give you a visual, if your annual income is $50,000 at 1.5% =$750.00 to spend.
Now the question is what items should be included in the budget. Every year I compose a list to aid in this process and to make sure I have covered all basis.
How much do you plan to spend in the following categories:
- Special events
- Holiday outfits
- Gifts
- Family
- Hostess
- Shipping costs
- Food
- At home entertaining
- Baking
- Travel
After compiling my list, I simply do a spread sheet in Excel to ensure I stay with in my budget.
How well do you stick to your budget?
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