How to plan your Christmas spending budget

Wondering how to plan your Christmas spending budget? Here is an article made for you!

Even though Christmas falls on the same day every year, it always finds a way to sneak into my life when I'm busy. Which, let's face it, seems to be quite often.

November and December are always high spending months for our family. That's why we decided to create a specific Christmas savings account to help us prepare.

We have been doing this since our daughter was born and have made adjustments based on the state of our overall budget and other priorities for the year.

How exactly do I set up a budget?

Here are some things to consider...

How to create your Christmas budget

In my family, we use Google Sheets to track our budget, so my husband and I have access to it. We update it throughout the year as life changes.

To determine how much you need to save, consider doing the following:

  1. Gifts List each family/friend you plan to spend money on and indicate the amount.
  2. Travel : Add a travel budget for things like hotel stays, restaurant meals and transportation costs.
  3. Food/Drink: Don't forget to set aside a special food budget for extras such as pastries, turkey, seafood and special wines/spirits.
  4. Regular deals/purchases: There are always great deals at this time of year. Think about all the extra items you might need to buy and take advantage of Black Friday or year-end discounts to stretch your budget even further.

Add it up and divide it by the number of months left before you start Christmas shopping. Adjust accordingly based on how much you can actually save each month.

Create multiple savings accounts

We have separate savings accounts for holiday expenses, travel, emergencies, renovations, etc. If you have money allocated for specific purposes rather than a single savings account, it can be easier to stick to a budget at a glance.

Schedule automatic deposits

Another tip, if you can set it up with your bank, is to schedule automatic savings deposits. The old saying "out of sight, out of mind" applies here. If you don't see the money in your checking account, you will be less likely to spend it.

Once October/November rolls around you'll have the money set aside. One less stressor during a busy time of the year for many.

Once October/November rolls around, you'll have the money set aside. One less stress factor during a busy time of year for many.

How to stay within your budget

Now comes the hard part: sticking to the budget. With all the incredible deals out there, it's sometimes easy to overdo the Christmas shopping.

A gift registry, such as The Luxury BoxThe Christmas Wish List can be a great way to try and control your Christmas budget. Create a family group and invite everyone to make their own wish list. At a glance, you can see what items they are interested in and how much they cost, so you can stay on budget. Not to mention, you'll be spending your money on gifts that your family really needs or wants.

Update your spreadsheet as you shop and keep track of the amount left in your shopping budget. Carry the excess over to the next year or consider donating to a cause that is important to you.

Christmas doesn't have to mean overspending or spending too much on a credit card. Start planning today to make your holiday season an enjoyable one.

Good gift!

We hope that this article has enlightened you on "How to Plan Your Christmas Spending Budget"

How to plan your Christmas spending budget
How to plan your Christmas spending budget

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