Exchanging gifts,
entertaining family and friends, and extending goodwill to others are the
activities that make holidays joyful. But sometimes the enjoyment is followed
by financial headaches. January's bank statements and credit card bills bring
the unhappy realization that you lost control of your finances.
How can you prevent this
financial hangover? Start with a budget. Estimate the cost of what you plan to
purchase. Include gifts, holiday decorations, entertaining, and special events.
If the total cost is manageable, stick to your budget as you shop.
But what if the cost grows – and
grows some more? There's no need to resort to miserly behavior to trim that
out-of-control gift list. One option is to draw names of family members and
give one nice gift to each person, rather than multiple small gifts to
everyone. Elderly relatives might appreciate "gift certificates" that
can be redeemed for your help with home or garden chores. Other cost-saving
ideas: make or bake gifts instead of buying them; give combined gifts from
parents and children instead of individual gifts; agree on a spending limit
with close friends.
While you no doubt want to
splurge on the kids during this time of year, don't feel you have to give your
children every gift they ask for. When they make their list, have them
prioritize the things they really want. At the store, take a lesson from your
own childhood, when your favorite gifts were simple toys that encouraged you to
use your imagination.
Remember, too, the holidays
are more than gift-receiving time. Create a family tradition of choosing and
wrapping a present for those less fortunate. Encourage your children to make
gifts for family and friends. Arrange family outings and fun activities so the
holidays become a series of enjoyable events.
An emphasis on holiday
experiences in place of shopping extravaganzas will let you enjoy the season
more – both this month and next, when the bills come due.
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