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With the Holiday season upon us, gift shopping is inevitable. Before you do any Holiday shopping, you need to first determine a budget. With this budget, determine how much you are able to afford now, not how much you are able to charge on credit cards. The goal of a budget is to allow you stay within your means, not force you into debt and repayments throughout the year.

Once a budget for Holiday shopping is established, create a list of people you will give gifts to and try to set a limit per person. For instance, if you are shopping for twenty people and have a budget of $500, the gift limit per person would be $25. It is extremely important to check your list of everyone you want to give gifts to multiple times. By creating a budget and gift-giving list, you are less likely to overspend.

When your budget and gift list have been established, go through sales advertisements as well as online deals to determine the best price and source in which you will purchase your Holiday gifts. To assist with this step, write down gift ideas next to each person on your gift list. When you are ready to hit the stores or online shops, be sure to bring your list with you. As you shop, don’t spend more than you budgeted. Be patient and take the time to search for the gifts someone will appreciate, while sticking to your Holiday Budget.

Disclaimer: This information should not be construed as financial advice however, it is provided as a resource. Financial decisions should be made only after a careful review of your personal situation and in consultation with your tax and/or financial advisor.

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