Take Time to Plan for Holiday Spending by Gayle Rose Martinez JFSAP PFC Do you spend extra dollars on gifts, food and decorations each year? If so, you’re not alone. Many Americans feel the sting of holiday spending well into the New Year. If you love to celebrate the holidays but don’t love the financial pinch you experience afterward, there are several great tricks for giving and celebrating, without breaking the bank. 1. Know your limit. Sit down and plan out your holiday budget before you head to the malls this year. Gifts, large or small, can really add up, leaving you with a hefty bill at the end of the season. Estimate how much you plan to spend on presents. Then keep track of your spending. If you need to use your credit card • Determine how much you are going to charge • Make a repayment plan to repay debt in 3 months 2. Plan ahead. You’ve done your budget and you’re ready to tackle the crowds. Here are a few ways to save on shopping, whether online or in the stores: • Look for special “savings days” at your favorite retail stores. • Use coupons from your newspaper, online or in-store. • Take advantage of free shipping with online purchases. • Buy gifts throughout the year, not just during the peak season. 3. Alternatives to Expensive Gift – Less Is More • Cooking – Homemade cookies and treats are always welcome. Make large batches to save on food dollars and use these tasty items as your gift this year. • Personal coupons – Provide time and/or talent as your gift; clean a house, fix a fence or babysit. Offering something you know someone needs is a great gift and saves you and other people money. Another way to share time is to plan a fun outing that is free. Take your friend, relative or their children on a free adventure. • Homemade crafts – If you have the talent use it to create a gift, knitting, sewing, woodwork, or perhaps a piece of art. These are great gifts from the heart. 4. Trim your list. Do you really need to exchange gifts with everyone in your family? Consider cutting your list back this year. Or suggest giving a group gift to certain members of your family rather than individual gifts. Just because you had a long gift list last year doesn’t mean you need to repeat it this year. You may find that other members of your family love the idea. 5. Enjoy the season. In the end, the holidays are all about enjoying friends and family. Staying focused on time with loved ones and other joys of the season can help you to keep stress in perspective. If you are hosting holiday parties at your home, plan for the costs. Rather than feeling obligated to host an event every year, suggest a rotation for who will host holiday feeling obligated to host an event every year, suggest a rotation for who will host holiday gatherings. And remember that it’s much better to keep spending down and stick to your budget. It’s a great feeling to start off the New Year on the right financial foot Budget and start the New Year on the right financial foot. IF you have any financial questions or want more support please contact your JFSAP PFC Gayle Rose Martinez Joint Family Support Assistance Program Personal Financial Counselor 207-274-3987
Posted on: Tue, 19 Nov 2013 16:50:53 +0000
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