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Creating A Budget for Holiday Spending

Posted on 12-08-2014

The Christmas holidays bring excitement and anticipation for children and adults alike. The fun is much better when you plan ahead so the spending is within your budget. The joy of Christmas can easily be overshadowed when you create a maze of debt and financial uncertainty. The solution – plan ahead and create a budget for holiday spending.

Christmas is not the only holiday that requires careful financial planning. Birthdays, anniversaries, Mothers and Fathers Day, and every special event throughout the year can mean excessive spending if you are not careful. Executing a budget for each occasion gives the entire family spending guidelines to keep you within your responsible spending parameters. The budget is your guide to remind you of your commitment and keep you from allowing the influence of other people, emotions, and desires, to cause overspending. A carefully planned budget can leave you with the satisfaction of knowing that you have been responsible in your spending without causing a burden on your family.

Financial planners recommend spending no more than 1.5% of your annual income on holiday spending. Here is a template for a holiday budget, which can be adjusted for your individual needs. You can also use this template for any special occasion where additional spending will be required.

Practical Money Skills For Life offers a Holiday Spending Guide that you may find useful. The goal is to enjoy the holidays without creating future financial stress. Try to put the credit cards aside, unless you are able to pay the bill completely when the statement arrives. If you see that your financial need is greater than your financial resources, plan ahead for the holidays next year. Use the amount needed this year to plan your savings throughout the coming year.

At Kids ‘R’ Kids Learning Academy of Greensboro, we understand the need for parents and children to manage different situations, even beyond the holidays. That’s why our curriculum is designed for children to learn critical development skills. We use strategies from our Brain Waves™ curriculum to support neural pathways for language, social-emotional, cognitive, and physical development.

Contact us for more information on special programs that help prepare your child for a successful future!

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