If you are not interested in seeing your credit card balances grow or the stack of bills get any larger follow these tips this holiday season.
1. Make a list! Write a list of those people in your life special enough to warrant a gift from you. Next to each person write what you are willing to spend and a few gift ideas. This will help you when you are out shopping. Seriously try to stick to the list, and don’t keep adding recipients as you shop. If they weren’t on the list originally do you really want to spend the extra money on them?
2. Consider making homemade gifts/treats for some people on your list; teachers, co-workers, etc. A homemade cookie tin or gift basket is a great idea and can save you $. If you are not the creative type perhaps you know someone that would love to help with this. Also talk to your family/friends about doing a secret gift exchange instead of trying to buy gifts for everyone. This can really benefit everyone since instead of getting 10 less expensive gifts and going nuts trying to find something for everyone you can spend a little more on one person and get them something that they really want.
3. KEEP IT IN CASH! If you are not sure what your holiday budget is pay with cash. Make sure you are leaving enough in the bank to cover all of your monthly expenses plus a little for those unexpected things that come up. Once you figure out what you need take the rest out of the bank and keep it in cash for your holiday shopping. This way you don’t spend more than you have by using your debit card or credit card. You will love this come January when you are not stressed about all the damage holiday shopping has done to your wallet.
4. Try not to give in to temptation- impulse buys. Those neat little shiny items placed near the checkout are hard to resist - but try to hold back. You likely don’t have an intended recipient and they usually aren’t the great deal you thought they were at the time. Everyone gets caught up in the holiday spirit and goes a little crazy but the more self-disciplined you can be the better for your wallet.
5. TAKE ADVANTAGE- Given the current economy you should be able to take advantage of some really great deals this year. For example try going to closeout sales of stores in your area that are going out of business. Early bird and after hours sales are also popular this year.
HAPPY HOLIDAY’S!
