Tuesday, October 12, 2010

Redesign your Budget plan before Christmas

Before Christmas approaches make sure that you redesign your budget in order to avoid the financial hardship. Christmas is the month of giving and receiving gifts and the expenses are beyond our limit. So planning a budget would help you to control the reckless habit of spending. In this way you would be able to save a decent amount of money that would pave the path for paying off your debts as well as free yourself from financial catastrophe. The following tips would help you to curtail your expenses and help you to prepare a budget plan before Christmas.

1) Make a list of the names you plan to give gifts in Christmas:

If you fail to plan for the Christmas gifts then you might end up spending recklessly. Therefore it is advisable to make a list of the people whom you are planning to give gifts. If you plan out your strategies well then you have an idea about the amount you need to spend or you have already spent. This would help to keep a track of your expenditure. Make sure that your expenses do not exceed your income then you might get dissuade from your budget plan.

2) Calculate the amount you desire to spend:
If you calculate the amount you are planning to spend this Christmas then that would restrain you from extravagance. Therefore you can save a hefty amount of cash before Christmas. In this way you can avoid the excess use of your credit card that might have paved the way for credit card debt.

3) Set a rule Christmas extravagance:
If you are going through a financial crisis make sure that you set a spending rule this Christmas. Instead of giving something expensive to your friends and family members you can give them some hand made gifts. This would help you to express love and adoration towards them. You can bake cakes and cookies or prepare pudding and custard to give them as Christmas gift. These gifts would bear the warmth of your love that does not need money to expression.

4) Keep the expenses for Christmas dinner low:
If you are planning a sumptuous Christmas dinner in a frugal way then you need to do a critical analysis of the mode of your expenditure. Plan a menu according to the number of guests you are inviting for dinner. You can avoid unnecessary spending as you would prepare limited food in order to prevent wastage. You can prepare a simple dinner with two starters served with wine that would be continued with two kinds of main course ending with a dessert. If you get the ingredients at a whole sale rate then you can afford to save a reasonable sum of money.

5) Effortless but budget friendly Christmas decoration:
If you want to avoid burning a hole in your pocket then keep the decoration simple. Just before Christmas the decorative items have fancy price that means unnecessarily you have to waste a fortune on decoration. If you are smart take out the old Christmas decorations for instance Santa Claus decorations or snowmen. The old cards can be trimmed and hung on the wall and on window panes. You can use your old household items like a soup, peanut, or coffee cans as a replacement for gift stuffing socks. Decorate the can by gluing things on or painting and then drill a hole just below the lid. Attach some colorful ribbons and hang it on the mantel.

Therefore if you redesign your budget before Christmas then you can celebrate it without getting into the trap of debts.

Author Bio:

This is a guest post by Kevin Craig who is a financial writer. He has helped lots of debt burdened people with free counseling and advices on many finance related topics.

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