5 Ways to budget your holiday gift costs to avoid financial stress

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By: Anna Sweeting
on 1st Dec,2011

Shopping for gifts is a very important part of Christmas.
5 Ways to budget your holiday gift costs to avoid financial stress


Shopping for gifts is a very important part of Christmas. As we expect gifts from others, we also feel happy to gift something to our near and dear ones. It is true that buying gifts may lead to financial stress as you may incur credit card debts. In order to avoid this, you can budget your holiday gift spending so that you don't have to face any financial stress.

Here are 5 ways to budget your holiday season gift spending:

1. Note down the names you want to buy gifts for: You should make a note of everyone whom you plan to buy a gift for. This may include the names of your friends, relatives, teachers, etc. This will help you avoid buying gifts that you don't need.

2. Calculate how much you will be spending: You should take a look at your finances and check out how much you will be able to afford to spend on each gift. Review your finances to determine how much you can afford to spend on gifts. While shopping, keep that figure in mind and do not exceed it in any way.

3. Spread the gift budget amongst the people on your list: Check out your gift list and decide how much you will be spending on each person. You should divide the money in such a way that you can buy a good gift for everyone and don't even exceed your budget. Rework your figures if you cannot fit the gifts within your budget.

4. Gift ideas and homemade gifts: You can search online in order to find out innovative yet less costly gifts ideas. Homemade gifts like candles, cookies, chocolates, cards, soft toys, etc. can be great gifts for your near and dear ones. I'm sure your loved ones will definitely appreciate your homemade gifts.

5. Squeeze your budget in case of overspending: You don't have to panic if you find that you have overspent on a gift. In such a situation you just need to scale back your spending on another gift to maintain your budget.

Hope the above mentioned ways will serve your purpose when you start gift shopping for you friends and relatives.

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