Studio 5 Contributor Cece Mitchell has tips to create a holiday budget and stick to it.
Move your own name to the bottom of your gift list or leave it off completely. The money you save will come in handy for your loved ones.
1. Visa recommends spending no more than more than 1.5 percent of household income on holiday gifts and entertainment (www.deseretnews.com) So stay below this 1.5% spending limit. For a household that makes $50,000 a year that would be $750. It can be easy to break the bank if you don’t set a limit.
2. Have a spending plan so you don’t get surprised at the end of your list by not having enough money left. You should definitely use the free holiday budget tool available at zionsbank.com/ezbudget.
3. Use an old fashioned coupon organizer with a different section for each gift recipient. Then, either split up the amount you plan to spend on each person with cash in each slot, or if you shop with a debit card, include an index card to keep track of each person on your list.
4. Go to your bank and convert your holiday gift spending funds into a prepaid debit card. You can use it to buy online just like a normal debit or credit card, and if you lose it, you can get the unused balance replaced. Once you use it up, you can’t overspend.