In the past gifts have always been one of the biggest expenses that threw off my budget. I’ve never really known how much I need to budget for gifts, I more or less just “winged it” and hoped I didn’t break the bank with a particular gift. This Christmas I didn’t really budget either. I used my “best judgement” when making purchases. However, I have a big family and before I knew it I had racked up just under $800 in gifts!! I can’t let that happen again. 

This year I’ve decided that I’m going to give it a try by budgeting in advance for my Christmas/gift spending. Since I have fully funded my Skydiving Fund (yay!) I’m going to make this my new focus. Any extra income or “Fun Money” that goes unspent will go into this fund. I did the calculations and in order to save $500 by Christmas I need to start saving NOW! I will need to contribute around $16 per week, whereas I had set apart only $7 a week to go into this fund. So I have my work cut out for me, and I’ll be figuring out where I can pull some money. (Maybe my unused car insurance money can give me a head start!) Depending on how it goes this year I will know how much to budget in future years, both for Christmas and random (birthday, baby shower, wedding) gifts.

I love new goals!