How to Set (and Keep) Your Holiday Gift Budget

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How to Set (and Keep) Your Holiday Gift Budget

Most everyone this year is looking for ways to save on expenses this holiday season. Here are some ways to determine your gift budget — and stick to it!

Look at Savings

First of all, how much do you have put away? Make sure any cash you allocate isn't part of a separate budget. This year, it's important to plan to spend a little less than you might want if you need to save. Don't use up all of your savings and limit what needs to be pulled from it. 

Plan to Use Any Extra Cash

If you know you have extra cash coming your way, either a cash gift, a work bonus, or cash you make doing side hustles, put that towards gifts. Any extra cash you get that's not normally included in your budget should go towards holiday expenses. The less you spend from your normal daily budget, the better. 

Set a Firm Limit

Calculate how many people you're buying gifts for and how much approximately you'd like to spend per person. Make sure the total amount is feasible for you and then stick to your budget. It's important that you spend wisely and leave enough room in your budget to still be comfortable with your monthly expenses. 

Most gift guides recommend spending a little more on close family members and getting smaller gifts for friends.

Leave Room for the Rest

Make sure you save enough to pay for the rest of your holiday season. You'll also potentially have to worry about decorating, baking, cooking, and anything else you plan on spending. Look over your all-inclusive holiday budget to be sure the combined costs are reasonable. 

Remember, many Americans put their holiday expenses on a credit card and pay it off with interest later; try to avoid this. If you have to spend a little less this year to avoid holiday debt, do so. 

You can spend economically and still get your loved ones thoughtful gifts. Everybody is on a tighter budget right now, so don't spend beyond your means this holiday season. Remember the spirit of the season is tied to the time we spend together, not the money. Happy Holidays!

Written by Josh Elledge - CEO, UpMyInfluence

Josh Elledge is U.S. Navy veteran and launched UpMyInfluence to help entrepreneurs like himself attract the perfect audiences and grow their authority and influence. While growing their better-than-PR agency, UpMyInfluence discovered that building 7-figure B2B Sales Systems (with zero paid advertising) for agencies, consultants, coaches, and other high-ticket B2B service providers is actually what they do better than anyone else on the planet.

UpMyInfluence was the natural outgrowth of his first startup, which has grossed more than $6 million in sales with zero paid ads. He did it all through building authority and serving audiences in the media.

Josh is a weekly TV consumer expert in Orlando, writes a syndicated newspaper column to 1.1 million readers, and regularly appears on more than 75 TV stations across the country. All told, Josh has appeared in the media more than 2500 times.

Josh loves living in Orlando, FL with his wife and three children.


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