MAKING MONEY SENSETIPS AND IDEAS TO HELP YOUR FAMILY PROSPER

Holiday Budgeting

The average American spends $941 on the holiday season.

It is recommended to spend no more than 1.5% of your annual income on holiday spending.

THE GENERAL BUDGETING PROCESS

Set personal and financial GOALS

Identify current sources of INCOME

Assess your personal and financial situation (must-haves, wants and savings) based on your VALUES and LIFE SITUATION

Monitor current SPENDING patterns Recommended websites; these sites will track

this automatically for you Mint.com Wesabe.com

Source: www.practicalmoneyskills.com

THE GENERAL BUDGETING PROCESS CONT.

Identify FIXED and VARIABLE expenses based on projected income

Compare your BUDGETED amount to what was ACTUALLY spent for the month

Review financial progress and revise budgeted amounts

MUST-HAVES, WANTS & SAVINGS

Must-haves: things we must pay no matter what This should equal 50% of your take-home pay

(i.e.: mortgage, utilities, auto loan, etc)

Wants: things that are not really needed, but help make life more enjoyable This should be equal to 30% of your take-home

pay (i.e.: cable TV, satellite radio, entertainment, etc)

Savings: opportunity to save toward dreams and/or money put aside for future needs, emergencies and paying off debt This should be 20% of your take-home pay

Source: www.thriventffc.com

HOLIDAY EXPENSES Budget worksheet

Holiday Expense List

Budget Cost Actual Cost

Family gifts

Friend gifts

Misc gifts (neighbors, teachers)

Tips for service people

Charity

Cards

Postage stamps

Home decorations

Flowers

Christmas tree

Baking supplies

Food containers

Gift wrap and bags

Shipping costs

Party supplies

Holiday food

Thank-you cards

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Total Budget Total Cost

HOLIDAY GIFT LISTBudget Worksheet

Gift List Gift Ideas Budgeted Cost

Actual Gift Cost

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Total Budget Total Cost

FOR MORE INFORMATION:920.882.4800

www.myprospera.com

For a full presentation on budgeting see our other presentation entitled “Budgeting.”

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