1. 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.

2. 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

3. 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

4. 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

5. Holiday expenses Budget worksheet

6. Source: www.betterbudgeting.com Total Budget Total Cost

7. Holiday gift list Budget Worksheet

8. Source: www.betterbudgeting.com Total Budget Total Cost

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