Family, Youth & Consumer News |
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Limit holiday spending to meet budget goalsBy Bonnie Coblentz MISSISSIPPI STATE -- The best intentions regarding spending limits are often laid waste when it comes to Christmas shopping. It's easy to blow the budget on this season's must-have items, the matching sweater to go with the pants, and the newly released movie or CD title. But Susan Cosgrove, area family resource management agent with the Mississippi State University Extension Service, said there are ways to keep spending in check and still get good gifts for everyone on the shopping list. "Look at the big picture and determine how much money you can spend on holiday expenses," Cosgrove said. "Include in this figure all gifts, decorations, travel, greeting cards, postage, entertainment, donations, gift wrap and other holiday expenses." With a total amount in mind, decide how much money can be spent on each person and how much can be spent on other holiday activities. Once a spending limit has been set for each person, it's time to find a gift that is fitting yet within budget. "Start early. Waiting to shop at the last minute can result in haphazard spending and overspending," Cosgrove said. "When you give yourself some time, you can also shop for sales and find the best bargains." Shop wisely for items on the list, but don't forget the non-traditional gifts. "Consider passing on a family heirloom or give a gift of personal service, such as babysitting or window washing. This is a great idea for involving children," Cosgrove said. "In large families or in groups, draw names rather than give everyone a gift. Food gifts are another non-traditional, yet fun gift idea." But when the gift is something only found in stores, set out with a spending limit in mind and cash or just one credit card on hand. Comparison shop for price, quality and warranties, learn return policies before a purchase is made and keep all receipts. Shop without kids, avoid times when stores are most crowded and take a break every two hours to assess progress. While it is best to save ahead and use cash, if credit is used, make sure that the total charged for Christmas gifts and activities is within budget and something that can be paid off quickly. Cosgrove suggested writing the holiday budget on an envelope and carrying that envelope while shopping as a place to stash receipts and as an easy reminder of spending limits. Overall, keep the focus of the holiday away from shopping and hectic schedules. Cosgrove encouraged everyone to decide on their purpose for the holiday. The holidays can be celebrated by visiting family and friends or by volunteering at a service organization. The focus does not have to be on giving and receiving gifts. "Pause for a moment and define the holiday in a way that is meaningful to you. Create your own traditions that exemplify your values," Cosgrove said. "Write down your holiday goals. Not only does this help simplify the season, but it helps you spend your time and money more wisely this holiday season." Released:
Nov. 6, 2003 |
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