Although most people like the spirit of gift giving in the holiday season, it is also a fact that holiday shopping can be a significant financial burden for many. This is especially true for those with a large family or a large group of friends who regularly exchange Christmas gifts. Christmas shopping can also be a financial problem for those who feel compelled to buy expensive gifts for everyone on their list.
However, there are ways to address the financial burden that Christmas shopping often comes with. One way to tackle this financial problem is to budget in advance. Another way to deal with the financial stress of holiday shopping is to shop all year long instead of doing it all at once. This article will discuss the importance of setting a budget for holiday shopping and how holiday shopping can become less financially onerous by spreading holiday shopping throughout the year.
Those who have doubts about the amount of money they will spend on their Christmas shopping should consider setting a budget for their Christmas shopping before starting their shopping business. To begin the process of setting a holiday shopping budget, it is important to first create a list of everyone with whom you intend to buy Christmas gifts for this holiday season. This list should include all close friends and family that you normally buy gifts from, as well as colleagues or employees who normally buy gifts from, your messenger, or your children’s teachers. You may also decide to plan for gifts donated to toy drives organized by charities if you normally contribute during these events.
Once you have the gift recipient list, there are a couple of ways to set a budget. Perhaps the easiest way is to decide how much to spend on holiday shopping and divide this amount by the number of gift recipients on your list. This will result in a budget where you plan to spend the same amount of money on Christmas gifts for each person on your Christmas list. This type of budgeting strategy may be appropriate if you plan to buy similar gifts for everyone on your Christmas list, but it may not work well if you want to buy something really special for some of your closest friends or family.
Another strategy for budgeting for holiday shopping is to determine how much money you would like to spend and then divide people into different categories. Some of the categories you can include are close friends and family, business partners, acquaintances, and gifts bought for people you don’t know. Once you’ve ranked all the members on your list, you can determine the percentage of your total budget that you want to spend on each category. For example, you may decide to spend 50% of the total budget on close friends and family, 25% of the total budget for co-workers, 15% of the total budget for acquaintances, and the remaining 10% on Christmas gifts for charity. You can then use these numbers to determine the total amount of money you’ll spend in each category, and divide that number by the total number of people in each category to calculate a dollar amount for each person on your Christmas list.