Holiday tipping guide
It represents one of our favorite times of the year. During the holidays, people travel quite a bit to see friends and family. They also shower each other with gifts befitting the season. That can add up to a significant amount of money.
Now, let’s revisit the gift situation for a moment. What is a gift befitting the holiday season? First of all, it would be a gift that we could afford to give to those special people in our lives. Each year people go into debt buying gifts for loved ones.
At the end of the holiday season we promise ourselves that we won’t do it again….until the next year. Could it be that we are trying to “keep up with the Jones’s?” or, we don’t want to look like cheapskates compared to Aunt So and So or Uncle Richie Rich.
It takes us several months to settle the credit card bills created the previous year. This is a vicious cycle that only leaves us dreading the season that normally fills us with love and cheer. This time around, keep that promise to make the season bright not by going into hock but by using some sensible tips and advice to plan a joyous holiday that everyone can be proud to share in.
In this report we will be referring to the holiday season as that of Christmas. Thanksgiving is considered a part of the holidays since it is only a month before Christmas and the biggest shopping day of the year. But, the majority of the money is spent in preparation for December 25th. In this Holiday tipping guide report we will discuss managing your money as it relates to:
* Before the holidays
* Holiday decorations
* Holiday food
* Holiday Gifts
Holiday tipping guide;MANAGING YOUR MONEY
Before the Holidays
What is that cliché? “If we fail to plan, then we plan to fail?” it is an appropriate sentiment here. When we neglect to set aside money in advance for the coming holiday, we will almost always spend more money than we had planned. Good intentions aside, it is time to come up with a strategy.
Consider creating a budget. This budget will be for the Christmas holiday as a whole. Each category pertains to a different area of spending.
For instance, create a category for decorations, food, gifts, and parties. The last category can be lumped into the previous three if your party invitations are slim. But, when your house is Party Central for the holidays, then a separate category may be warranted.
What about a Christmas club? Most banks and credit union s offer a savings plan geared towards saving money for the holidays. Starting in January, divert a certain amount of money each month or each paycheck into the Christmas club.
It doesn’t have to be much. This is another potential area for going overboard, so be careful. Even if you have fifty dollars a pay period to use, that will add up to $1100 by December 1st. That’s a lot of money for anyone to spend at Christmas. What you don’t use, continue to save.
Christmas club accounts are an excellent way to teach children about saving money. They can contribute a part of their allowance into their own account and see how much they end up with at the end of November to buy gifts.
A regular savings account will also work for saving holiday money. If you have a significant amount such as a tax refund, consider a certificate of deposit. That money can earn more than the standard savings account. With a money market account, as long as a minimum amount is kept in it, you can write checks for gifts that are found throughout the year.
One thing that most people forget is to include the price of incidentals in their budget. We are speaking about stamps, Christmas cards, candles, and the cost of mailing packages.
Now, we’ll move on to what the children can do to prepare for Christmas. Start a change jar. Every evening when it’s time for bed put any loose change from pant pockets into the jar. Parents can help kids by contributing their change to the jar as well.
Change adds up quickly. After Halloween, take the money jars to a Coinstar machine at the grocery store. Turn the change into paper money or a gift card.