Responsible
HOLIDAY
$ PENDING
BY SONIA SUTHERLAND-CRUZ
It’ s that wonderful time of year again when we get together with family and friends to celebrate the birth of Jesus Christ, our Savior.
With all the“ hoopla,” parties, festivities, gift giving, overeating, over drinking, and overspending, we sometimes forget the true meaning of this awesome holiday.
The average DIVA spends approximately $ 800 on Christmas gifts every year. Not to mention the extra“ have to have items” that she buys herself while she is supposed to be shopping for others. After all,“ It’ s a SALE.”
However, it’ s not too late to get a grip on your Christmas spending. You still have time to formulate a workable spending plan. By being pro-active and planning ahead, you may avoid the post-Christmas“ Bills and Credit Card Blues.”
First, take a good look at your finances. Are you already in debt? Do you have a substantial amount due on your credit cards already? Are you still paying just the minimum amount each month? Are you still paying for last year’ s Christmas gifts? Have you met any of your financial goals this year?
Only you can answer these important questions. Consider your personal situation for a moment and realize the actual financial consequences of overspending this Christmas season. Are you going to be digging yourself into a deeper financial hole, just to impress?
Being innovative and resourceful this year by centering your mind on the real significance of Christmas will help you spend your hard-earned money wisely. After all giving is an important part of the holiday season.
I would like to share ten holiday spending tips to help you spend wisely and celebrate the most wonderful time of the year:
Make a list of family and friends and decide on a dollar
1 amount for each of them and stick to it. This will avoid the emotional impulse buying that is especially high this time of year.
Consider making your gifts. For those of you that have
2 been blessed with God-given talent, this is the time to display it. Can you make jewelry, bake, sew or cook? My friend has a wonderful talent for making“ Black Rum Cake.” I personally look forward to her gift every year.
For the child who has everything, why not have relatives
3 contribute to their college fund by giving savings bonds instead of toys and clothes. My family has done this for over 15 years and trust me, it has come in hand for my son’ s college tuition and books this year.
Gift certificates are very popular these days. There is a
4 gift card for just about any store you could ever think of. This is especially great for that hard-to-buy teenager. It also helps you to stay in your budget!
On-line shopping has proven to be both time saving and
5 less costly for some hard to find items. For those of you who have family and friends out of town, this will cut down on your shipping cost, by having the company ship directly.
“ Cath Is King!”.… Leave the credit card at home. You will t
6 hank me later. By paying in cash you will be more inclined to stick within your budget and avoid the inevitable post- Christmas credit card blues.
Keep track of your spending by utilizing a holiday
7 spending worksheet. By writing down the amount that you spend on each person you will be able to stay on budget.
Avoid the“ Check-Out Offers” at the register. I know it is
8 tempting to save an immediate 10 %-15% on your purchase but adding just one more credit card to your list could actually damage your credit rating.
If you can’ t afford it— don’ t buy it! Your child may want that
9 $ 500 dirt bike he saw on television, but it simply is not in your budget at this time. Forget the guilt trip! We tend to feel like failures when we can’ t deliver everything for everyone during the holidays. Once again, ask yourself if this is the true meaning of Christmas?
Start the New Year outright. Begin to pay off an
10 outstanding credit card debt that you established and start a Christmas fund. Opening an account at any bank or credit union now will eliminate the need to find money for next year.
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