How to Budget for Christmas on a Low Income


Christmas is supposed to be the most wonderful time of the year. But when you are on a budget, how can you still make sure you have a festive season? Yes, it’s nice to have all of the bells and whistles including the tree, decorations, and tons of gifts, but gone are the days when people can spend a lot of money on this holiday.

Christmas can still be a highly enjoyable season with your friends and family if you know how to budget correctly. For easy and cost-effective methods to save this Christmas, this guide will give you a few options to work with.

Choose Combined Gifts

Although it can be fun to shop for a gift for each individual person in your family or group of friends, you will quickly see how those bills pile up. Keep birthdays and anniversaries to spoil specific people, and use Christmas to present a group or family gift.

If you have many people in your family, work with each other to buy something that the rest of the family can enjoy and get some use out of. Good examples are family board games, gift certificates for a dinner, or a big box of chocolates to enjoy. There is no rule to celebrating Christmas so do what you are more comfortable with.

Buy On Account

Not ideal to create debt; however, if you are extremely strapped for cash this season, think about buying presents online and on an account. Instead of trying to pay for everything at once, you can take a small loan that you pay off over six months. Get loan without credit check and shorter terms, and you won’t feel the pinch of buying everyone a gift within the same month.

If buying on an account is an option, then set up a budget where you have a set amount for each gift. It can be a standard $50 for everyone, or you can spend more if you can. Only take a loan for the exact amount that you will need for everyone. This way you can avoid overspending and taking out a loan that will take much longer to pay off.

One-on-One Gift Exchanges

Secret Santa is always popular in the office. Instead of buying something for each person, you only have to buy for one. It also helps when you don’t know what to buy for other people. Just worry about finding something for one specific person and you are all set.

This low-cost option is incredibly popular because everyone can work towards buying just one great present instead of 10 smaller ones that aren’t as good. Put everyone’s name into a hat and each person much pick one name without looking. The rules for secret Santa are simple. The hardest part is not exchanging names with someone because you don’t know them very well. Take the challenge and try to find the perfect gift.

Christmas is a time for celebrating a festive season with those that you care about. Money shouldn’t be an added worry during this time, so use these low-income budgeting ideas to make it a Christmas that you will still enjoy and remember for years to come.

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