Planning for Gift Giving
The holidays are often a time when budgets are broken, but it doesn't have to be that way.
A few years ago, we created a specific envelope for all our gift giving throughout the year. This includes birthday and Christmas gifts. In it, we list people we want to buy for and an amount we'd like to spend.
- Create an envelope titled "Gifts"
- Go to the "Budget" tab and select that envelope
- List out everyone you buy gifts for and an amount next to their name. Include birthday, Christmas, or any other
special day you may give gifts. This would look like:
- Dad (March 3, birthday): $25
- Dad (Christmas): $40
- Mom (June 1, birthday): $25
- Mom (Christmas): $40
- Decide how you are going to fund this envelope and make adjustments until it fits your budget.
You can reference this list throughout the year as a reminder of how much you budgeted to spend on them.
Using this method, you will be saving a little bit out of each paycheck throughout the year for your holiday spending. It's a great feeling to reach Christmas and have the cash on hand to make purchases!