Christmas doesn't have to break the budget
Saturday, November 8, 2008
The countdown has begun.
How many more shopping days to Christmas?
Some of the stores are already playing Christmas music, and decorations are out. Let the madness begin. How do we survive the Christmas rush financially? When shopping for Christmas, everyone needs to have a plan and a budget. Make a list of the people you need to have a gift for. Decide which people you are going to purchase gifts for and who you are going to make a gift for, or give a gift of your time.
Setting a budget and sticking with it is sometimes very hard to do. We all need to be studying the holiday ads and catalogs. It seems that the mailbox has been full almost daily with the Christmas catalogs. Spend a little time to actually study the ads and find out where the best deals are for the items we are looking for to fill our list. Be careful when looking at the ads for the special sales. Many retailers offer what are called “loss leaders;” these are items that they sell at huge discounts to pull you into the store, hoping you will buy more regular-priced items once in their store. Many Web sites are also offering free shipping for a short period of time. Make sure to read the fine print on all special offers.
Shopping with a credit card can speed resolution if a product or service doesn’t live up to advertised claims, but using credit successfully typically requires self-discipline, said Carol Young, Kansas State University Research and Extension family financial management specialist. “If paying with a credit card, shoppers may spend more than if paying with cash or a debit card,” said Young, who suggested asking yourself five questions before using your credit card:
1. Will this purchase help me meet one of my goals?
2. What do I have to give up to get it?
3. Would I buy this if I had to pay cash?
4. Would I come back tomorrow to buy this?
5. If I charge this, can I pay off this month’s bill?
The last question gives us all time to think. This is part of sticking to our budget for Christmas. Decide when you are going to pay off your credit card. Are you paying it off monthly? Can you pay off all of your Christmas shopping when the January bill comes? Will you be able to pay it off by February? Decide what your financial plan is and stick with it.
Layaway is making a come back. You will need to check with your local retailer to see what their policies for layaway are. Some people maybe asking, What is layaway? Layaway is a purchase plan that lets a customer make a purchase by paying a certain amount each week until the item is paid for. Layaway plans aren’t free - many stores charge a fee for setting the merchandise aside and ask for a down payment. Some stores also charge a cancellation fee if you change your mind and decide you don’t really need the item. Layaway can be a good alternative to using your credit card, because your merchandise is paid for when you pick it up. You won’t be receiving a bill after the holiday season is over.
So if you don’t want to use your credit card and layaway is out of the question, what is a person to do? What about making some of your gifts this year? Your neighbors and coworkers will appreciate the extra effort.
Gifts in a jar can be a fun family activity to get the little ones involved in making a gift for a favorite teacher, or grandparent. There are many choices when it comes to making gifts in a jar -- you can do the standard cookie or soup. Bath salts are also something that is a fun thing to make. Gifts in the jar don’t always have to be in a jar either. There are many beautiful food-safe bags that could be used instead. If you need more information about Gifts in the Jar we have many resources available at the Extension Office.
Cookie and candy exc hanges are another fun activity to do with friends and coworkers. At a cookie and candy exchange every person invited to the exchange brings a pre-determined amount of cookies (4-6 dozen is a good place to start). The group then decides where and when to meet. Everyone brings their cookie or candy and some empty containers to take home what you exchange. The cookies and candy you bring home from the exchange can then be packaged for gift giving or used for entertaining. This would also be a fun activity to involve your family in, children love to help cook. It can sometimes be a challenge when we are in a hurry, but the children really do learn a lot about giving when they are included in the whole activity.
A gift of your time also makes a nice present for a loved one. Children can offer to rake leaves, help plant spring flowers, dust or mop floors. A gift of reading is also nice, this let’s the children show others what they are learning. Everyone loves to be read to. An IOU to the person receiving the gift for a chore of their choice would also make a fun gift.
Spend a little time planning what you want to spend this holiday season. Think about what you can teach your family about budgeting and responsibility this season. Don’t let the credit card make it tough on your family budget long after the holiday season is over. Stick to your plan even if you don’t get to fulfill all of the wishes this season.
F Rhonda Gordon is the family and consumer sciences agent for K-State Research and Extension in Lyon County. For more information on this column, nutrition, food safety, parenting, financial management, health and safety e-mail Rhonda at rgordon@ksu.edu call the Lyon County Extension Office at 341-3220.
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