(TheDailyCurrents.com) – The season to be jolly is closer than it seems. If you hope to be better prepared financially, it is not too late to start saving for Christmas.

Better planning gives you peace of mind, especially when you think about the January credit card bill.

Before the leaves start to change color, it is time to think and plan for Christmas.

These are the seven financial planning tips to ensure your Christmas is as jolly as you would want it to be:
 

Set the Budget

The first step to prevent overspending during the holidays is having a financial plan in place.

Create a Christmas budget that will keep your expenditure in place.

Consider every person you need to gift and how much you need to spend on each gift. You may want to implement the 4-gift rule.

This rule focuses on getting your kids something to wear, something they want, something they need, and something to read. Add the amount to have an estimate of the money you need.

Set Up a Christmas Savings Account

It is easier to start saving when you have a target amount in place. Immediately you decide to save for Christmas, open a savings account strictly for the holidays.

With this approach, you can easily track how much you have saved and take the initiative of prioritizing it.

You don’t need to open a separate savings account to start saving for the holidays.

You can have a simple piggy bank or cash envelopes where you will stuff some cash.
 

Start Saving Immediately

When you have a budget and the means to realize the target, start immediately.

A journey of a thousand miles starts with a single step.

When you begin and hold to your saving trend, you reach milestones you thought impossible.

If you are saving in a separate account, set up automatic withdrawals to the account immediately after payday.
 

Start Earning Gift Cards and Cashback for Gifts

Saving gift cards and cash back for Christmas is a big bargain.

It is a chance to use free cash to buy something that could have cost you in December.

For example, Rakuten, Formerly Ebates, earns you cashback when you shop online.

You can redeem the rewards at major stores such as Target, Amazon, and Walmart. You can also cash in points you get on your credit card for a debt-free Christmas.

Take Advantage of Sales

If you have a gift on your list that you can store up to Christmas, purchase it early.

Unlike end-of-year sales, which see most items on offer, some are overpriced during the holidays.

Use the money you have saved to catch something on sale.

However, stick to the items on your list.
 

Cut Expenses Early

Alternatively, you can reduce your expenditure now to use the money during Christmas.

To effect this, compare your last three months’ statements to keep track of your current expenditure.

Cut expenditures that you can avoid or negotiate for a better rate or price.

Cancel that unused subscription or reduce your eat-out days to keep that extra cash.

You will thank yourself in December.
 

Have a Limit

Determining how much money you need is the first step of responsible spending.

The other significant step is to stick to the budget. If you plan to save $50 for 10 weeks, you will have $500 during Christmas.

Let that be your holiday limit.

Everything works with a plan. Start with a budget and start saving now to ensure the holidays do not leave you in debt.

Implement these seven tips to make this Christmas enjoyable and less stressful.
 

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