Festive seasons bring joy in the air and along with it an obvious crunch in your pocket. This theory is quite natural with Christmas as it is known as the season of sharing. This is the time when you are tempted to buy for yourself and also present your loved ones with gifts. It is the time set apart from the normal course of lifestyle. Life goes on in a frantic pace, shopping becomes a passion and holes in your pocket are sometimes beyond repair. In order to save you from severe debt burdens after this temporary phase of enjoyment, DebtCC Community has declared December to be the Month for Budgeting
In the Christmas Budgeting section you can share your own budgeting ideas with the community and learn the ways to avoid possible financial crises.These are a few budgeting guidelines to protect you from over-spending:
- Firstly, before starting your purchases for Christmas, make a spending plan. Decide on the items you require from food to gifts and whom you need to give. Have a priority on the goods, which are a necessity, and things that can be done without. During the initial shopping stick to this plan and calculate the amount you can afford for other purchases.
- The second thing you need to keep in mind is your affordability means. For this, you need to calculate your income for this month and also can take into account how much you have saved for goodies this festive season. After analyzing your total income and savings for Christmas, you can make a list of the essential items that you must buy. Try to keep the purchases within your limitations. This will not give you any heartbreak in the following month.
- Do not forget to keep a record of how much you spend while shopping. Your budget plans will be of no use if you fail to reduce your expenses. Do remember that small expenses add up to make a fair amount of money. So maintain a record of how much you have spent starting from cookies and candies to gift wrappers.On doing so, you will exactly know how much you are spending on each item. This will help you to manage your finance during this time of the year.
- While shopping keep a list, which is handy and can be referred to as and when needed. It may happen that you miss out on certain items if you do not carry the list. It may result in overspending as you might invest twice on one item.
- Be a smart consumer. Have sufficient knowledge on the price of items you are planning to buy. Always compare costs of the same item at different outlets and make your shopping smart. Shopping at the right outlet can save you enough cash, which you can invest for other purposes. Never do shopping in a hurry; it tendsto mess up your entire budget plan. Take time and make plans before you buy the desired items this Christmas.
These guidelines, if followed can protect you from financial hassles. You will never land up in debts due to unpaid bills in the very first month of the year. So, be careful while shopping and prove to be an educated consumer.