I Can Buy Him/Her the Dream Gift but then Everybody Else on My List Gets a Fruitcake
A few basic tips even if you have not already saved for everyone on your list:
1. Determine how much you can AFFORD to spend and then set a specific dollar limit for each persons gifts. You will have to make some choices here on who really deserves those top dollar presents.
2. Use the web to find the best deal. Many stores give discounts to online shoppers. There are also many quality price comparison sites such as Shopzilla.com, Pricegrabber.com and MySimon.com. There are also community led "deal" sites like Cheapstingybargains.com and GottaDeal.com
3. If you have to go into a store than try to avoid the peak shopping times. Other shoppers spending habits tend to rub off on us. Also try to avoid rushing - do not shop on your lunch hour as you will forget all about your budget and just buy the first thing that catches your eye.
4. Leave your credit cards at home. If you cannot afford to pay cash for that gift this month what makes you think you can afford the credit card bill for it next month?
5. Do not fall for the store credit card offers either. They can be a good deal if you pay them off in full prior to the due date as many of them have a holiday special "no-interest till..." What the fine print tells you is that if you don't pay it off prior to that date you are liable for ALL the interest from the day of your purchase. These "deals" turn bad quickly considering that store card interest rates are normally quite high AND that most of us never pay off our credit purchases in full the first month.
6. Look for alternative to expensive gifts for everyone on your list. Homemade gifts such as photo albums and scrapbooks can go over quite well. You can also do a Secret Santa gift exchange between family and friends - that way everyone gets a gift but nobody spends a fortune.
7. Plan for next year by saving your receipts. After the gift buying is completed you add up everything you spent. This is useful for many reasons but one important use is creating your budget for next year. Take the total amount you spent and add 15% then divide that number by 12. That is the amount you have to save every month to pay for next years season.
If you find yourself in post holiday debt trouble you can always talk to a debt management professional. You can get a referral to one based on your situation at www.debtspiral.com
Related Tags: credit card debt, debt management, holiday spending, family finance
Paul Beckwith
DebtSpiral.com
DebtSpiral.com is a free search service that finds you help with credit counseling, debt management, student loans and mortgage refinancing
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