TYLER, Texas (KLTV) – Rachel Cruze, a personal finance expert, author and co-host of “The Dave Ramsey Show,” stressed the importance of creating a budget this holiday season to be prepared.
Rachel Cruze explained how to create a budget for purchasing gifts for family and friends this December.
“You may have already started shopping, which is okay, but figure out, hey, here’s how much money we have between now and Christmas,” Cruze said. “So I don’t want you going deeper in debt. We want the January you to love the December you.”
After figuring out total amount of money families want to spend on gifts this December, Cruze said families should create a list of everyone who will receive a gift.
“And this sounds really odd to people, but just put a dollar amount next to their name so that you have a plan and you’re intentional with how much money you are spending,” Cruze said.
Cruze said the average family spent around $1,700 last Christmas, but she said people should use the budget that works best for them.
“We can look at the states and the figures and I think that’s a helpful guideline to see what’s going on, but you also again have to control what you control,” Cruze said. “And that is your income. That’s the money that you have.”
Cruze encourages families, regardless of their budget or where they are financially, to create some traditions this holiday season.
“There is something so special about having traditions and that doesn’t have to cost a lot,” Cruze said. “Those are the things as we are present with our kids that go so much further than all the plastic stuff that we put under the tree.”
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