Buying presents for any occasion can be a challenge and the few months before the New Year are particularly busy with many festivals such as Christmas, Diwali, Eid and Hanukkah. Thought about buying your presents yet? Imagine you have just six weeks to go until the big day, so it's time to start planning how to make your money go round.
The Challenge
The challenge is to buy presents for six people, manage to have a life at the same time and still come in on - or under - budget. How will you be able to afford it?
Set a limit
Say you decide that you will spend a total of £60 on all your presents. You don't have £60 at the moment, and you also have some regular outgoings such as your mobile phone, bus fares and snacks.
First Step
Consider your weekly income and expenditure -that's your money that comes 'in' from earnings, gifts and allowances and then goes 'out' as you spend it. Then work out how much money you'll have to spend in total over the next six weeks.
Extras
Last year you opened a savings account and you've got £20 in there which you want to put towards buying your gifts. You reckon you can find some jobs to do to reach your £60 budget if needed.
Your budget
First calculate your weekly income with the following figures:
Paper round: £10
Weekly allowance from parents: £5
Then calculate your total income in six weeks.
You have £20 in savings and you reckon you will be able to earn at least £4 from odd jobs.
Now calculate your total income including these extras.
Now calculate your weekly expenditure with the following figures;
Bus fare to town on Saturday: -£2.50
Snacks: -£4
Mobile phone card top up - £10 every four weeks (make sure you calculate the weekly cost for this item)
What is your total expenditure over six weeks?
To obtain your gift budget, subtract your total expenditure from your total income (including extras). You should have £60.
The game
As you play the game you will visit one shopping outlet each week where you can buy as many presents as you like. But remember you will have to keep within your budget. You can only spend up to the amount you have available in your account.
At the end of each week you should write up what you have earned and what you have spent this week, and find out how much money you have left and how much you have spent of your gift budget. This is called a balance sheet, it will help you keep an eye on your spending and know how much money you have available to spend the following week.
If you run out of budget before having all your presents, you'll have to start again.
That's life!
Just as you think you've got it all worked out, something is bound to come up that will eat into your money - that's life.
On a piece of paper, write the names of six persons you want to buy a present for. When you a present for each person, write down the present by their names, as well as the price.
Good luck! Start shopping!
Six weeks to go - Ready to shop?
You go into town and browse around the shops for ideas. In MacTavishes you see three possible presents for someone on your list.
Decide if you want to buy any of the gifts and write them down next to the name of the person you think would most like it. Remember you don't have to buy any presents this week if you don't want to.
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
That's life!
So far so good, except that while you're in the department store you have a look through the CD section. You're very tempted to buy a new album by your favourite band - a snip at £7.99... can you afford to buy it?
If yes, write it down in your expenditure for the week.
Now, calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left to spend?
5 more weeks to go! Any luck yet?
A really good street market comes to your town at this time of year. There are some interesting gifts but they're a bit pricey. Do you buy any of these and who for?
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
That's life!
While you're in the market your mate asks if you will lend her £5 till next weekend. If you say yes, write down -£5 expenditure on your notes.
Now calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left to spend?
4 more weeks to go! Are you getting through your shopping list?
That's life!
Mum asks you to visit your gran to help her out with some decorating. She will give you £10 if you decide to go. You will spend £3 in a café with a friend if you don't. Write down the corresponding amount.
You've been told about a good outlet that advertises on the internet. Your dad has agreed to pay using his debit card if you pay him back in cash. Will any of these items make a great present?
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
That's life!
If you have lent your friend £5, she pays you back today. Add £5 to your income.
Now calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left to spend?
3 more weeks to go! Don't panic - get shopping!
You decide to see if you can find any good presents in the charity shops this week. You find the following. Who would like what, and can you afford it?
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
That's life!
Whilst you're in the shop you decide to treat yourself to the fair trade biscuits. Write down £3.50 expenditure.
Now calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left to spend?
2 week to go! You'd better get your skates on!
That's life!
You've been using your mobile phone a lot and have to unexpectedly buy a top up for £10. Write down £10 expenditure.
You go back into town to continue your search for the perfect gifts. You narrow it down to these three things - do you choose any?
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
Now calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left to spend?
One week to go - Last minute shopping
This is your last shopping trip before the big day and you find a good gift shop.
Keep track of your weekly spending and remember you can't spend more than you have available in the bank this week!
That's life! Do you want to buy a ticket for the New Year's Eve party? It's going to set you back £5.00. Write down £5 expenditure if you decide to buy it.
Now calculate how much you have left over at the end of this week using your balance sheet, how much have you spent of your £60 budget and how much do you have left?
This is the big day - how did you do:
If you have bought a present for everyone and have some money left:
Well done! Everyone is very happy with your presents. Why not keep the left over money in your savings account ready for your next big spend?
If you have bought a present for everyone and have come just on budget:
Well done, you have managed to stay within budget and buy a present for everyone!!
If you have money leftover but haven't bought everyone a present:
You might still have money left, the only trouble is you haven't bought everyone a present and they are disappointed.