Holiday Budgeting Center

Yes, 'tis the season to give, to gather, and to spread good cheer. However, for many families, breaking out the holiday cheer also means breaking out of their budget. To help you save money and avoid needless financial stress this holiday season, we’ve put together expert advice and practical tools to help make this holiday season a joyous time.

1. Know how much you can afford:
Some financial planners say spend no more than 1.5% of your annual income ($750 per $50,000 of annual income). Take a hard look at what you typically spend on gifts, decorations, clothing, entertaining, holiday meals, cards and travel, and then estimate how much you can afford to spend. However much you decide to spend, make sure you decide before the holiday rush starts.

So how much spending makes sense for you? Find out using this easy calculator Holiday Budget Calculator.

2. Make a List—Check it Twice (at least):
Now, you know how much you can afford. Next, record everyone on your gift list and set an amount you expect to spend on that person. Keep track along the way of what you actually spend and compare it against your budgeted amount. If you overspend in one area, you must reduce costs in another.

We've provided this handy Gift Register and Budgeting Tool to help you along the way. You may also download our My Budget Planner Click here to download: PC | MAC and keep these tools close by and secure on your own computer.

3. Trim more than Trees and Turkeys
If you find yourself overspending your budget, you must consider ways of cutting back.

• Give A Priceless Gift: When you make a gift, you give of your time — the most valued gift of all.
• Draw Names and Give Fewer, Nicer Gifts: This works equally well with friends, families, and co-workers.
• Gift of Time Certificates: The list of things you can give is endless: a gift certificate for a chore an older relative can’t easily do; a trip to the park or a slumber party for the kids.

4. Shop Online
You’ll save time and gas by using web sites that you compare prices. Sites like http://www.shopping.com and http://shopping.yahoo.com help you find the best deals. If you plan ahead, you will find many free shipping deals on internet shopping sites. Avoid the outrageously high last-minute shipping fees of online retailers by planning ahead.

Even if you decide to buy your gifts in person, at least spend a day "virtual window shopping" so that you start your shopping excursion with the best information and ideas.

5. 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.

6. 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.