Do we really want to spend the next entire year paying off Christmas? It is way too easy to spend too much on Christmas gifts for family and friends. We all delight in delighting others, and sometimes we get carried away. When we can whip out the plastic and charge it, we tend to go overboard, because we know we can pay over time.
I’ve even seen people put everything on credit cards at the big bargain sales, people who know they won’t pay off the balance immediately. Don’t they realize that they haven’t saved any money when they are going to give every bit of it, if not more, to the credit card company?
Personally, I don’t think it’s worth it. It’s definitely not good for the bottom line, and we don’t do our kids any favors when we spoil them with every latest, greatest thing (that all too often ends up kicked aside on the floor).
I’ve gone a little crazy with the holiday shopping in the past; I hate to admit it. I’m determined not to do it any more.
Here are some tips:
- Make a holiday budget and stick to it (within reason… a few dollars either way is okay, but don’t bend too much). We decide a certain amount for each of our kids, for extended family members, for friends, and for teachers, grab bags, etc.
- Do not put any purchases on credit cards that you cannot pay off right away. If you can’t afford it, don’t buy it. If you’re waiting for a check and know you’ll pay it off right away, that’s different. Just don’t forget and get stuck with those finance charges.
- Have the kids make a list and make it clear that you will choose from that list, not buy every item on it. This way, they’re more likely to tell you what they really want, and not just write down everything they see on TV.
- Buy as much ahead of time as possible instead of trying to come up with a large sum of money all at once (I should have started in June!), or start a Christmas Club for next year. I’m really going to do it this time…
Related: Tips for the Best Holiday Shopping Deals