Get your gift giving list ready

Get your gift giving list ready

RICHMOND, Va. (WWBT) - Have you made a gift giving list yet? You really should check it twice!

When it comes to gift-giving, make a list of every person you plan to buy for this holiday. Put everyone in a bucket: Family, friends, co-workers, white elephant parties. Assign each bucket a dollar amount, and once you know how much you plan to spend overall, Cherry Dale - a financial coach with the Virginia Credit Union - says divide up that money between the buckets.

Say you’ve budgeted $1,000 to spend on gifts this Christmas, “Maybe it’s $600 for the immediate family and then you’ve got that $400 split between everyone else. Maybe you’ve had to cut way back so that’s where you can start thinking through tossing out some of those buckets,” said Dale.

Not to toss out your friends, but we’re in tough times and people will understand.

The key is to stick to your budget and spend what’s in the bucket. So you don’t go overboard and have massive debt in January.

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