October 24, 2009

Tip of the day

This year, keep track of how much money you spend on holiday gifts.  Next year, you can use that total to decide the budget for next year’s holiday spending.  Take whatever number you decide upon and divide it by 12.  This will be the amount you can spend each month, and shopping ahead will help to you to snag some good deals when they are available. 

Example—this year you spend $541, but you and your family decide that you will need to increase that amount slightly next year.  (Your sister is having twins, your brother is getting married, etc)

Next year’s budget--$600

Each month’s budget--$50

Just like with your grocery envelopes, if you do not spend the entire amount one month, add it to the next month’s envelope.  You’ll be able to stay on track with your spending.

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