Holiday Budgeting Center

The winter holidays are upon us and with them the added stress of tight financial times. This year, enjoy the season without letting holiday spending get the better of you. We've put together expert advice and practical tools to help you minimize spending concerns and make this holiday season a joyous time.

1. Make a budget and stick to it:
Start your holiday budgeting by looking at what you spent last year. Were you on target, or did last year's spending land you in debt? Make a list of what you plan to spend money on this year. Knowing your spending goals beforehand will keep you on track. Some financial planners recommend spending no more than 1.5% of your annual income ($750 per $50,000 of annual income). Look at your major spending categories - gifts, entertaining, meals, and travel- and estimate how much you can afford in each category.

Use this easy Holiday Budget Calculator to help determine your holiday budget.

2. Get Creative
Save money this year by getting creative. Store-bought gifts are great, but when you make a gift for someone they truly appreciate your time and effort. Ideas for creative gift projects are plentiful online. A fun place to start is Instructables.com, a do-it-yourself web site full of step-by-step tutorials for everyone.

Perhaps you don't have time to make something yourself but still like the affordability and personal touch of giving homemade gifts. At Craftzine.com you'll not only find ideas that you can make yourself, but budget gifts available from other crafters. The ultimate marketplace for homemade gifts however is Etsy, where you can find crafty items from over 200,000 sellers.

3. Join Together
Instead of excessively spending on each other this year, join together with family members to help those who may be less fortunate. Online opportunities are easy to find, and there are several in this article, “Helping others when money is tight.” Other opportunities for online giving can be found at the websites for Oxfam International and ACCION.

4. Travel Wisely
If you plan on traveling, take some time to determine how much it will cost you with our Holiday Travel Planner and don't forget these holiday travel planning tips.

5. Avoid the Holiday Hangover
Holidays are a wonderful time to entertain. And a little planning and budgeting will help you avoid financial headaches. Give our Holiday Entertainment Planner a try and let it help you plan your entertainment so that you don't have to pay for it the rest of the year. And Check out these holiday entertainment tips to help you keep your holiday budget in shape.