Tis the season! It’s that time of year again where all of the money you would normally budget for shopping, dates, or maybe even traveling home get thrown out the window. Or better yet, get thrown under the tree. Christmas time is here and that means presents galore for your close friends and family. As a college student, people probably understand that you may not have a ton of cash to spend on the holidays. Have you heard of Dave Ramsey? Ramsey is the finance expert. He recently came out with an article that has attracted many people. Here are some of his tips for budgeting for Christmas this year:
- Figure out how much you can spend on Christmas.
- Most people who go out Christmas shopping never look at the price tag. If it’s an item they want, it’s an item they’ll get. Some people will notice the price tag but instead focus more on the “how much you’re saving from the original price” part. Never, and I mean never, buy a product solely on how much you’re saving from the original price. It’s not worth it unless it’s something you really need. PLAN A BUDGET for Christmas. Do not count it in with any other savings account or budget plan for a separate system. Plan a completely separate account for Christmas. Plan ahead as well. Plan ahead of time so that every paycheck counts toward Christmas. You will feel much better about what you are spending your money on rather than feeling like you are blowing it all off. You’ll know exactly where you stand within your budget.
- Divide your Christmas budget into categories
- Make a list. Lists are a great way to organize your thoughts and gifts for everyone you plan on shopping for. This way, you don’t buy too many gifts for one person or even multiple people. It will also help you stay away from impulse shopping.
- Write down who you need to buy gifts for.
- Similar to the advice above, only write down the people you are getting gifts for. Never add anyone to the list unless you can afford it. If you have to, take off a few people in order to stay within your budget. Sometimes having a late Christmas isn’t so bad when you don’t have to go into debt.
- Give yourself the freedom to enjoy
- Enjoy the season! Make sure to take time to enjoy the shopping. Go with a friend or colleague. Don’t stress about the money. Make a plan and stick with it. It’s the most wonderful time of the year so why stress? That’s what college is for, and you’re almost done!
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