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| HOLIDAY Shopping

’Tis the Season for Saving:
by Shelley Waugh


Tips to Help Your Holiday Spending and Sanity

Holiday shopping for 2011 is about to kick into full swing. The holidays offer that all-too-tempting opportunity to let loose and splurge a little. In fact, if you aren’t careful, you can blow all the good saving intentions you held firm to during the rest of the year.

Last year, Consumer Reports found that as of October of 2010 millions were still paying off credit card charges incurred during the 2009 holiday season. This year, reports Gallup, people in North America plan to spend an average of $764 on Christmas.

We spend a lot during the holidays because we love giving to our friends and family. The holidays also give us a guilt-free pass to shop ’til we drop.

Gift giving isn’t always good for your financial health.

The good news is that with careful planning you can give everyone on your list a special holiday without having to pay for it for months and months to come.

Tips on how to keep your spending and your sanity in check this holiday season:

Get real with yourself about your financials 
Before you make your gift list, you need to have a heart-to-heart with yourself about your financials. Look at how much you can realistically spend, then decide whether or not you really need to spend that amount.

If it has you feeling anxious then create a budget that has you spending less. Don’t allow your holiday spending to negatively affect your long-term financial plans. When you know what your financial picture really looks like, you’ll be more inclined to control your spending.

Don’t fall back on old holiday spending habits
When making your budget, it’s important to remember that spending during the holidays does not stop with gifts.

Holiday incidentals include additional food spending, entertainment costs, clothes buying, wrapping paper, and on and on. All of these costs add up, and they often get overlooked during the holidays.

For example, it isn’t necessary to buy a brand new dress for your office party. You could borrow a dress from someone or add an accessory or a great pair of shoes to a dress you already own.

As for food costs, if you’re having a holiday party, make it potluck so you don’t carry the food cost burden all by yourself.

Don’t shop when you’ve got the holiday blues
Avoid shopping when you’re having a down day. Studies have shown that we are willing to spend more when we are sad. So when you’re suffering from the holiday blues, curl up and watch a holiday movie or go do something fun with friends instead. Save the shopping for a better mood.

Remember, ’tis the season for relationships
It’s perfectly natural to want to give back to those who give to you, but it’s quite possible that your friends and family would appreciate an end to spending this holiday season just as much as you.

Suggest to those on your gift list that you all spend valuable time with one another rather than purchasing gifts this year. For example, suggest an afternoon together for a close friend and meeting for coffee and going to a movie. Or treat your parents to a home-cooked meal and some Christmas carols that they relate to.

You can also take this a step further and suggest to your loved ones that the time you spend together be used to volunteer for a local charity — a great way to enjoy the true spirit of the season!”

Establish an “Operation Holiday” plan
If there is no avoiding holiday shopping for you, once you know what your budget is start mapping out your shopping plan. Make the gift list and then think about where you’ll need to go to purchase each present. Keep your key goals in mind - your budget and the amount of dollars you are spending for each gift.

Plan to finish your shopping early in the season as many shopping days before Christmas as you can. When you’re desperate for the right gift, you won’t have as many misgivings about going over budget in order to get your shopping done.

Set a holiday shopping curfew
Setting a time limit on your shopping whether it's in a store or online will help you stay on budget.

Remember, it’s the thought that counts
You might find the perfect gift for someone but then reject it because you don’t think the price is significant enough to be an adequate gift.

The reality is that a gift with a lot of thought behind it or shared meaning for you and the person you’re buying for can have a lot more significance than a more expensive gift.

Make a list, check it twice, and bring cash!
How many times have you walked into a store and immediately found the perfect gift for a friend but you didn't planned on spending that much.

You can just put it on your credit card, right - Wrong!

If you use your credit card, you’ll probably end up buying that gift two or three times over in interest payments. Do not stray from your list. If you do stray, the cost of the non-list item needs to be the same as the one you had already budgeted.

A good idea to stay on budget is to bring only cash with you when you’re shopping so you can stay within your budget. Just watch your wallet at all times. Never leave it out of your hand or on a counter. Put it back in your bag even when you are waiting for your change.

Trade in your rewards points for gifts or gift cards
Use your credit cards wisely. Never make purchases on your credit card unless you can pay them off at the end of the month. One positive role credit cards can have during the holidays is rewards points. Save your rewards points throughout the year and use them in December for gifts.

Point, click, and save
The benefits of online shopping are obvious. You don’t have to battle holiday traffic, it is practically hassle-free, and it’s easier to compare prices.

The prices are also almost always better online, you have a greater selection, and usually free shipping is offered around the holidays.

Also, when you use specific search terms, you can avoid being distracted by all of the other items you might want to look at or be tempted to buy if you were shopping in the store.

Don’t shop for yourself
Don't stray off your list and buy a couple of things for yourself. Keep in mind that you’ll be receiving gifts at Christmas. The best deals are after Christmas, so wait until you can get more bang for your buck.

Don’t shop with a holiday budget saboteur
If you prefer doing your shopping with someone, be sure to choose someone who won’t encourage you to go off budget.

Have a Secret Santa-style gift exchange
Depending on the size of your family, buying a gift for each family member can be daunting. Most of the adults in your family would probably be grateful not to have to buy a gift for everyone.

Instead, suggest that your family do a gift exchange. Pick a name out of a hat, then buy only for that person. It helps everyone to cut down on spending, and just shopping for one gives you more time to select the best gift.

Don’t be afraid to re-gift
Take an inventory of re-gifting possibilities. Are there any gift cards you’ve never used? Any clothes hanging in your closet with the tags still on them? Any gifts you’ve received in years past that you’ve never taken out of the box? If so you might want to consider re-gifting them.

Make like Santa’s elves and DIY
Getting crafty during the holidays is fun and can save you a lot of money on gifts. The possibilities are endless and cost-effective.

If you’re super savvy, plan (way) ahead
As mentioned above, there are always great deals after Christmas or during the current year's after-holiday sales to get a jump-start on buying gifts for next year while also saving a bundle.

Source: Author Leslie Greenman (Dating Our Money) is also a financial advisor and public speaker. She loves to encourage people to remember that every decision counts - such as buying soda at a restaurant could prevent you from saving thousands of dollars over a lifetime.

WeddingsHoneymoons.com | Holiday Shopping | November 30, 2011
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