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Before you head to the mall or add items to your shopping cart online, you want to ensure you have enough money to cover your monthly expenses and buy your loved ones Christmas presents. You may feel overwhelmed about your finances and how you will manage to buy gifts. But if you create a Christmas budget, you won’t break the bank! How do you create a Christmas budget? 1. Write down your monthly income: The first thing you want to do is tally up how much money you bring in each month. This lets you know how much money you have before you take out your expenses. 2. Write down your monthly expenses: You want to tally up the total amount of regular monthly costs, including housing, utilities, groceries, and internet. This also includes cars, credit cards, insurance, and other monthly payments. Be sure to add any streaming or subscription fees to this total. 3. Find out how much money you have left over: Subtract your total expenses from your monthly income. The number you get will be the money you have left over for discretionary spending, such as dinner out, a concert, or Christmas presents. But make sure you leave some wiggle room for any unexpected costs. 4. Plan out how much you want to spend on Christmas gifts: Write out whom you want to get gifts for and how much you want to spend. Track your spending as you go to ensure you don’t overspend or forget to buy someone a gift. Shop for Christmas on a budget. 1. Look at last-minute sales: Tons of retailers will offer holiday sales as we get closer to Christmas. So be on the lookout for stores that mark prices down as St. Nick prepares for his journey. DON’T GO BROKE FOR THE HOLIDAYS 4 Steps to Creating a Christmas Budget
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The holiday season is busy and this month, you likely have many events to attend, errands to run, and activities to keep you busy, but it’s important to keep your 2022 taxes in mind, too! Although the official tax deadline is roughly still four months away, getting your return filed early will eliminate anxiety and make sure it’s done accurately with plenty of time to spare. As the year draws to a close, here’s a list of documents to gather and set aside for a seamless filing experience. Your Identification Your tax preparer will require certain forms of identification to verify that you are, in fact, who you say you are. Your Social Security card is a great option because when filing, you will need each family member’s Social Security number on hand! Last Year’s Tax Return It is a wise idea to have your 2021 tax return available on hand. Even though you won’t be qualifying for the same write-offs and deductions as you did last year, having the 2021 return readily available can make accessing information and calculating certain portions of the return easier.
2022 Wage Statements
If you work for an employer, you’ll receive a 2022 Form W-2 wage and tax statement. If you are a freelancer or
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2. Recycle gift cards: If you received a gift card to a store that you never used (or forgot about), re-gift it this year! Just be sure the card hasn’t expired. 3. Go thrifting: You can
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find great gifts at your local thrift store. Depending on where you go, you can get clothes, books, silverware, furniture, gadgets, and more. Christmas shopping can be stressful, but by creating a budget and sticking to it, you will survive this holiday season like a pro.
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