Christmas is an expensive time of year but with a little personal finance know-how you can learn to cut back and still find joy in the holiday season.
Following are some of my favorite ways to save money this holiday season. For more ways on how to save money this Christmas please read my most recent personal finance posts.
Know your weaknesses
It’s an advertiser’s job to appeal to your emotions at every turn. Be prepared for this and maintain your willpower.
Shop once
If you aren’t much of a shopper and just want to get it all over with, go once and call it finished. Midnight Madness mall sales are great for this. Go enjoy the festivities, do a little comparison shopping and then you’re done. Many malls also offer gift wrapping for a nominal fee. The advantage to this approach is you often spend less than if you shopped frequently.
Use the 24 hour rule
Most of us spent with our hearts not our heads. While this is not necessarily a bad thing, it can be when you see something you want and it’s not on your list. If that happens, then it’s time to put some space between thinking about it and actually buying it.
Shop with a friend
Who better to have by your side than a friend who knows your spending weakness? Bring one who isn’t afraid of speaking up and reminding you don’t have anyone on your list that likes your favorite $50 perfume.
Cancel duty gifts
Cut down on the number of gifts you give. If you’re still exchanging gifts with friends or relatives you hardly see or neighbours and co-workers you’re reluctant to offend – stop. Chances are good they to will be relieved to hear they have one less gift to buy. One of the best ways to handle this situation is to send an early Christmas card explaining you’re cutting back on your gift giving in favor of contributing more to the charitable aspects of the season. Then follow through and make a tax-deductible donation in lieu of some gifts.
Think personal over lavish
Think of some of the most memorable gifts you’ve received, chances are they didn’t cost a lot but where thoughtfully selected or handcrafted. Keep this in mind when selecting gifts for others.
Share in the cost
If you have a family member who has been eyeing an expensive gift all year consider passing the word around to other family members and maybe everyone can share in the cost.
For more Christmas money saving tips please stay tuned for future personal finance posts.
Published by Sherrie Le Masurier on November 29, 2006 07:02 PM
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