Greensboro, N.C. -- Lets be honest most of us don't budget for holiday spending the way we should. With the economy in bad shape it makes it even more difficult. We turned to the experts at The Dave Ramsey Organization for help.
- Make a holiday budget
• Make a list of everyone you are buying a gift for.
• Put a dollar amount next to their name.
• Make sure to include extras like parties and gifts for coworkers.
• Check out www.mychristmasbudget.com: a free, online tool for budgeting.
- Don't panic if you haven't started saving
• Once you've created your budget, see if you'll be able to set aside enough cash.
• If you're short on cash, pick up some extra work to make extra cash.
• Give of your time and talents.
• Let friends and family know your situation if you can't afford gifts.
- Don't go into debt for gifts
• Put the amount of cash you plan to spend in an envelope.
• Once the money is gone, stop shopping!
• Avoid signing up for credit cards to get "extra" savings.
• Don't go overboard - your kids won't remember every single toy they received and they won't be traumatized if they don't get the latest "it" item.
Here is information about MyChristmasBudget.com:
- Free online budgeting tool
- Easy to use and allows to keep track of your spending while you shop.
- You can save your personalized link to desktop or phone.
Here's part of Eric Chilton's conversation with Rachel Cruze.