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| Budgeting for December |
When you have four young children, the holidays are incredibly exciting. You want your kids to be happy and genuinely thrilled with the gifts they receive on Christmas morning. Even now that my children are older, I still love seeing their excitement as they open their gifts.
However, December wasn't always joyful for me. For many years, the holiday season brought financial stress, credit card balances, and anxiety. Everything changed when I learned how to budget for Christmas gifts year-round and plan ahead for holiday expenses.
Create a Christmas Gift Budget for Each Child
One of the best ways to save money during the holidays is to set a clear budget and stick to it. In our family, we typically spend $300 per child on Christmas gifts. I know every family is different-- some spend more, some spend less--but this amount works well for our household and keeps our holiday spending under control.
The key is choosing a number that fits your family budget and committing to it before shopping begins.
Plan Your Holiday Budget in January
To avoid last-minute stress, decide i January how much you want to spend on Christmas gifts in December. Then divide that total by 10. This is the amount you'll need to save each month from February through November.
Use a Dedicated Holiday Savings Account
Another smart money move is to keep your holiday savings separate from your regular checking account.
- Open a separate savings account at your local bank and label it "Holiday Gift Fund."
- Use an online high-yield savings account with buckets, like Ally, and label a bucket "Holiday Gift Fund."
- Track your holiday savings progress monthly.
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