How to Budget your Gift-Giving this Christmas

Planning gift-giving this Christmas?
Gift-giving can be expensive if you don’t plan well.
To enjoy gift-giving without spending much during this holiday season, you have to set up a budget. People want to give out gifts at Christmas, appreciate loved ones, etc. While doing this, it’s important to take time to carefully plan and budget for gifts, so you don’t end up over-spending. And to make giving much easier, you have to come up with a gift-giving budget to keep your cost down.

Below are tips and tricks you can use to set a budget for gift-giving

1.  Establish your gift-giving budget
Before making a list of recipients, make a gift-giving budget based on your current financial situation, examine how much money you have available, to spend on gifts. Be firm with the numbers. The amount you should spend, should be based on what you have, if your pocket is tight, and you can not afford much, that’s OK, remember, it’s not how much you spend on the gift but how much thought and care you put into it.
Whatever amount you decide to spend based on your capacity, make sure you stick to it.

2.  Determine who you will be giving gifts
List the people you want to buy gifts for, and how much you plan to spend on each of them using mycashflowblog gift giving planner.
Don’t feel obligated to buy gifts for everyone, focus on those people whom you want to appreciate or those that are in need that you wish to reach out to. Stay focused on your recipient. Do not buy gifts for anyone who isn’t on your list. This is a common way to overspend.

3.  Track your spending and Make Adjustments
If you don’t want to overspend on gifts, you have to track hard, monitor as you shop, and change up the planned amount.
If you budget NGN20,000 to buy gift for your uncle and getting to the store, you saw a perfect gift at NGN15,000, put the NGN5,000 extra to a good use, don’t add to your recipient list. Track as often as possible, so you can adjust if there is a need, just don’t overspend the set-amount.

In summary, the best way to budget your gift-giving is to save up before Christmas hits.

Have a merry Christmas!