By Brett Arends
This will be the fourth holiday season of the great slump, and for many it isn’t getting any easier. Times are tough. So how can you stop the Grinch from stealing Christmas this year? Here are seven smart money tips to get the most bang for your (diminished) bucks this holiday season.
1. Set a gift budget.
And stick to it! Too many people blunder into Christmas backward, with an open budget and an open wallet.
“One of the worst mistakes is to make a list of everybody you want to buy presents for, and then to go down to the mall and start buying,” says Jim Heitman, a financial planner in Alta Loma, Calif. “It’s a disaster.”
No wonder so many people spend a fortune during the holiday season — and wake up in January with a horrendous credit-card bill.
You’ll be better off if you work out in advance what you can afford, set a budget and work with that.
As for sticking to a budget — everyone has preferences, and I have mine. I leave the plastic at home. Only take cash to the mall. If you can’t spend the money, you won’t. Simple. Willpower doesn’t even come into it.