Many of us face the same challenge each year - making Christmas magical on a realistic budget. With the holiday season on our doorstep, here are five tips for a budget-friendly Christmas:

Track Your Spending: Do you make a record of every purchase during the holidays? The food, decorations, parties, gifts, travel and more? Tracking your spending is a vital step for any budget-friendly Christmas. Create a simple spread sheet and enter all of your receipts at the end of each shopping trip. You can separate spending into categories and/or for gift recipients (especially if you're trying to keep spending among children "fair".) Track your spending by entering amounts on an Excel spreadsheet, or a simple spiral notebook...whichever is best for you.

Set a Budget: You've heard it a million times: It's tough to stay within a budget if you haven't set a budget. Keep in mind there is no need to "go without" for the next 11 months in order to have an extravagant Christmas. To help you stay within budget, keep receipts handy should an item you've already purchased drop in price before Christmas. Most stores will adjust the price and refund the difference to you.

Consolidate Gift Giving: If you are buying gifts for every member of your extended family, discuss the option of drawing names, buying "family" gifts, or putting a smaller dollar limit on presents. Chances are other members of your extended family are wanting a budget-friendly Christmas too.

Make Gifts More Meaningful: Before heading out for the Black Friday deals, create a well-thought-out-list of three or four meaningful gift ideas for each child. Recently, I asked my teenage daughter if she could remember just three gifts she had received for Christmas the prior year. I was surprised that she couldn't even list two gifts among the dozens she had received! The moral of the story is, don't fall for the Black Friday marketing trap. Getting a great deal can be a waste of money if the gift only leaves a lasting impression on your checking account.

Take Advantage of Credit Card Rewards Programs: If you are someone who uses a credit card for Christmas purchases, choose a card that offers rewards points. Goldenwest is currently offering double points for every purchase dollar on the Visa Rewards credit card. Points can be redeemed for gift cards, travel, or cash for you! Just be sure to stay within your budget and pay off the entire balance at the end of each billing cycle.

By following these five budget-friendly Christmas tips, you can help make the "joys of the season" a positive memory for both your family and your finances for the year to come.

Author: Candice Caldwell

Marketing Department