MONROE, La (KNOE) - We save monthly for certain categories that we know are coming our way. This is designed to help us better manage our money. When someone talks about gifts we usually think of Christmas but we also need to prepare for the other season of gifts such as birthdays.
Courtesy: MGN Online
When is the busiest time of year for gifts other than Christmas?
Actually right now is our biggest time of year for gifts. The months May and June are usually when we are hit the hardest for gifts and these months tend to sneak up on us. In May and June, we have Mother's Day, Father's Day, Birthday's, Weddings and also Graduations.
Some months we may not need to buy a gift at all but some months we may have to buy 2 or 3 gifts at one time.
How can we be better prepared for this other season of Gifts?
We recommend that you sit down with a calendar and make a list of Birthday's/Gifts for your family for the whole year and how much you plan to spend on each person. We then recommend you divide that amount by 12 months and that will tell you how much you need to save each month to cover your cost of gifts for the year.
This will help you prepare for those expenses that we know lie ahead and it teaches us to be better managers.