The holidays bring out the best and sometimes the worst in us. We want to celebrate with family, friends and co-workers, which often means shopping for gifts.
But sometimes we experience regret come January when the credit card bills arrive.
This blog post is aimed at reducing that January ‘regret’ and staying in control of our holiday gift spending.
3 Quick Tips to Controlling Your Gift Shopping:
- Set an overall budget for the holiday season. That is, determine how much you can easily spend, after you have figured how much you will spend on your regular, recurring expenses and after you have contributed to your savings.
- Next, set a budget for each person on your shopping list. This may also help you determine where you shop as well.
- Lastly, keep track of your spending. Keep your receipts and enter the information in a system that will compare what you have spent against your overall budget. If you don’t keep track of your spending, budgeting won’t help. (An Excel spreadsheet works well, as do a number of other programs or apps, including QuickBooks, Peachtree (or Sage), Foreceipt app, ShowBoxed Receipt manager, and more.)
By considering your budget before you spend, you will be more apt to stay within your means. Of course, staying within your budget will really help you ring in the New Year feeling GOOD!
From everyone at Wells Fargo Center for Small Business & Entrepreneurship, we wish you a joyful holiday season filled with the things that matter: family, friends, food, and happiness.
To view a short video about this topic, see Brian Tracy’s video here.
Source: Brian Tracy @ Entrepreneur
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Author:Robin Yerian. Robin studies Marketing and Business Administration at California State University, Northridge. She has received an honorable mention for her secondary research regarding the millennial generation in association with the national American Marketing Association case competition for eBay in which she provided consumer insights. Robin is the student assistant responsible for managing client relationships, communications, and social media for the Wells Fargo Center for Small Business & Entrepreneurship at CSUN.