MONEY MATTERS
10
5 Tips For Staying On Budget This Holiday Season BY CHRIS TOBIAS
F
or many people, the holidays are the most delightful time of the year. There's a feeling of anticipation and excitement in the air as you count down to Thanksgiving, Christmas, Hanukkah, or Kwanzaa. But for some, financial fears overshadow the festive joy. How can you afford to buy a present for that special someone? Can you feed your family a festive feast without breaking the bank? While these types of questions are common, they're not the only ones people have about the holidays. A significant portion of Americans, especially those in lower income households, don't have a stable income they can count on. Plus, self-employed people often have sporadic income coming. Some people are forced to cut shopping trips, skip holidays, or even get seriously behind on bills during this time. Are you financially prepared for the holidays? Here are some tips for holiday budgeting that will help you enjoy the holidays with less stress.
List Holiday Expenses Early The earlier you know what you're up against, the better. Don't wait until the last minute to start listing expenses and budgeting for them. The earlier you start, the more time you'll have to allocate the necessary cash to your list. Holiday expenses involve more than merely gifts. They might be your biggest expense, but there are others to think about early on. Will you be hosting a party? That will entail buying food. What about gifts for the host or hostess of parties you'll be attending? Add that to the list. Be sure to list everyone you'll buy gifts for and how much you'll spend. If you're planning to send out holiday cards, include the cost of buying, printing, and mailing them in your budget. Holidays are a time to celebrate with family and friends, but be careful not to get too carried away. If you find yourself financially in over your head, start planning ways to curtail your holiday spending. Work with the amount of money you know you'll have. Don't use credit cards and pay it off later. That's how people get into financial trouble. The worst way to start a new year is with credit card debt.
Whatever you do, don't wait! Budgeting well ahead of time will give you time to make adjustments and avoid overspending. Put Aside Money Each Month If you start planning your holiday budget months ahead of time, you can put aside a certain amount of money each month to cover holiday expenses. That's why earlier is better. At least begin planning at least six months ahead of time, so you'll be ahead of the curve. Comparison Shop Online Comparison shopping sites will help you find the best deals on gifts. The worst approach is to wait until the last minute and rush out to buy gifts. Shop for gifts without the added pressure of a deadline, and you'll make smarter decisions and get better deals. You can also take advantage of special sales throughout the year. If you find a site with good deals, buy for several people at once. You may get an additional discount, and you'll likely get free shipping if you purchase in volume. The earlier you start, the more flexibility you'll have. By starting early,
you'll also have the luxury of waiting for a special coupon or discount. Homemade Gifts Have Meaning Too If you have a special talent, trade money for time by making holiday gifts for friends and family. You might have crafts skills or art skills that lend themselves to gift making. If not, what could you prepare in your kitchen that people would appreciate? It could be anything from handmade soap or candles to pumpkin bread, pecan pie, or holiday cookies you prepare in your kitchen. No one will think less of you if you give a handmade gift, and they may even appreciate it more. continued on page 11
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