Gifting Budget Tips to Holiday-Proof Your Finances

You're ready to start your holiday shopping, but you know you need to monitor your spending. Now is the perfect time to make a budget for your holiday gifting! Here are some holiday gifting budget tips to help you control your expenses this season.

1. Make Your List

Before you decide on your spending guidelines, decide who you want to purchase gifts for. Remember to consider family, friends, acquaintances, coworkers, and service providers.

2. Set Your Spending Limits

Designate a specific spending limit for each person on your gift list. Holiday gifting budget tips are based on your finances.
Your spending limits should consider your personal situation, not how much the person usually spends on you.

3. Make Sure Your Budget Is Realistic

Add up all the amounts for the people on your gift list and check that the final figure is realistic. If it's going to be a struggle covering your gift budget, reduce some of your spending limits so that the final total is reasonable for your finances.

4. Decide How You'll Pay for Your Gift Expenses

Now that you know how much you plan on spending, look over your monthly expenses and income to figure out how you'll pay for your gifts.
For example, if you normally budget $100 for clothes and $100 for travel, you could divert this money for two months to cover your gift budget.
Or, if you get a bonus around the holidays or tend to work extra hours, this income can be used for your holiday shopping.

5. Set Up a Separate Account for Your Holiday Expenses

A fantastic way to prepare for your holiday expenses is to set up a bank account specifically designed to help you prepare for the holidays.
At CCCU, we offer our members a Christmas Club Account. You decide how much you want to add to your account throughout the year. Set up monthly or bi-weekly contributions. You'll also earn interest on your savings.
We transfer the money to your checking account on November 1st so that you can start your holiday shopping. Ready to set up your Christmas Club account? Contact CCCU today!