Holiday spending can be a common way for consumers to land themselves in debt and financial stress. Some find themselves in trouble by rationalizing spending lots of money and incurring debt during the holidays. This leads to paying for holiday spending well into the next year. Planning a budget ahead of time could mean enjoying the holiday season without the financial burdens. Make a goal to have a debt-free holiday season by showing discipline and setting guidelines. This is a special time of year. Don’t let stress or overspending cast a shadow the important things.

Here are some steps to create and manage your budget:

1. Create a list of people to buy presents for: spouse, children, relatives, friends and coworkers. It’s easy to get carried away with gift giving so keep your list short. 

2. Put together a realistic spending figure for your holiday gift budget. Once you have your spending amount, spread it out among your list by putting a dollar figure next to the individual or family’s name on your list.

3. Use our Holiday Planner to help organize your holiday finances.  

4. Decide how to budget and save your holiday money. You may be able to set the money aside in a savings account or put cash in an envelope. You can include a special holiday savings category in your monthly budget. The earlier you start the easier it will be to save money.

 5. Only use cash, debit card or checks for all your purchases. This will help you to avoid overspending   and incurring debt.

 6. Don’t wait until the last minute to buy all your items. Many people like to wait until the last month, weeks or even days to do their shopping, but you don’t have to. If you are planning ahead, you can purchase items when they are on sale. Record your purchases along the way so you know exactly what amount you have left to work with.

 7. Don’t panic if you spend a little more on something than planned. The idea is to stay close to your figure and reduce your overall expenditures. If you spend a little more on an item, try finding a better deal on the next item on your list.

 8. You may need to make adjustments to your budget. If you do, make sure to keep an eye on the totals.

 If you need additional assistance, a consumer credit counseling service such as ClearPoint Credit Counseling Solutions has various tips, tools and calculators to help you achieve your holiday goals without breaking the bank.