25 Nov 2007 05:23 AM

Make a List and Check It Twice

by Mary Ann Romans | More from this Blogger

     

It is so easy to get into financial trouble during the holidays. With all of the gift giving and the mania of getting great deals, going overboard is almost a given part of the Christmas season. How many times do folks run up credit card bills that will take an entire year to pay back? But it doesn't have to be that way. You can get the budget under control and avoid unexpected financial surprises by making a list and checking it twice.

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The easiest way to avoid overspending on gift gifting is to start with a list. Make a list of everyone for whom you will be purchasing gifts this year. Take a good look at the list and see if there is anyone that could be eliminated. Don't be a scrooge, but look at the list objectively. Do you really need to send a gift to an old friend from school that you haven't seen in five years? Maybe a card will do. Perhaps your extended family would be willing to draw names this year instead of giving individually?

Once you have your list of recipients, assign a dollar value for each gift. Then add it all up. You may be surprised by the amount you planned to spend. And often, you wind up spending more money that you planned. If you are comfortable with the total dollar amount, great. Double check your list and you are done. If the amount seems too high, reduce everyone's individual amount by at least 15 percent. It is an easy way to reduce your budget without moving everyone around.

One last point, which is important. Stick to your budget. if you unexpectedly find the perfect present for someone that is less than what you budgeted, consider yourself lucky and bank the difference. Don't be tempted to spend the extra somewhere else.

Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.

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Mary Ann Romans is a freelance writer and mother of three children. She lives in Pennsylvania with her husband, the kids and a 16-pound cat.

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7 comments so far

Valorie Delp Online! (47006) 25 Nov 2007 05:49 AM

YIPPEE! This is almost exactly what we do! ;-)

Mary Ann Romans (20819) 25 Nov 2007 08:41 AM

You inspired me!

fugalbaby (30) 25 Nov 2007 09:43 AM

Thank you for your post.This is the first year of doing this and its also the first year I'm not randomly choosing gifts for my 5 kids.Shoping without a list in the past lead to buying unevenly for them and then having to run out to grab something to even it out.Having the list and a budget in place has already saved me.As well as cleaning up toys from the Rescue Mission.But that's another story:)

geminicricket (40) 25 Nov 2007 12:54 PM

Hello Mrs. Romans.

I just give my own kids money and let them blow it for themselves. I learned the efficiency of this several years ago when I drove my oldest child and all her gifts back to the stores whence they came, waited for her to exchange them for cash, and watched her buy stuff she wanted. Brilliant!

Valorie Delp Online! (47006) 25 Nov 2007 02:13 PM

I certainly don't judge anyone else's method but I have to say. . .I hope my children are never so ingracious as to want to take their stuff back!!! They have a lot and are blessed and if they happen to not like something they get. . .they need to suck it up. LOL With that said, we often get our neices and nephews gift cards to somewhere! ;-)

Mary Ann Romans (20819) 25 Nov 2007 03:38 PM

My in-laws always request gift cards for their kids for Christmas and birthday presents. They say that the kids love the adventure of picking out their own things.

I agree, though, that I would have a hard time myself if any of my kids took their gifts back.

Valorie Delp Online! (47006) 25 Nov 2007 07:25 PM

Oh my kids love going to pick out their own stuff.

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