Too often we get caught up in the one-ups-manship of the holiday gift-giving season. It can be very tempting to forget the holidays should be about family and friends, not about running up bills to impress your family and friends.
So, to help you get in the true holiday spirit, here are a few ways to stay relatively debt free this holiday.
- Get Organized. According to Consumer Reports, 66 percent of Americans didn't bother with a holiday budget last year, and almost 60 percent didn't plan one this year. Don't fall into that trap.
Set your budget. Don't spend more than you can pay off in one or two months. Some financial planners recommend not spending more than 1.5 percent of your annual income on gifts.
Take a good look at what you spend on decorations, holiday meals, cards and tips. Once you figure out all your expenses, check out Christmasorganizer.com to download holiday planner forms, gift lists and calendars.
- Think outside the box. Do you really need to buy your aunt Jane another sweater or another crock pot? She didn’t use the ones you gave her last year.
Give a gift that someone will use: Make a donation to charity in the name of your friend or relative. Check out Charity Navigator so you can evaluate and choose a worthy charity.
Or you may want to give someone a gift they’ll never forget. Would your dad appreciate a personal errand servicer for a day? Maybe you want to send your in-laws up in a hot air balloon. (For a few bucks extra, they might not come back.) You can even send your brother to cooking class. Check out XperienceDays and Signature Days.
- Compare prices. You can save time and money by shopping online. Plus, you won't be tempted by all those "Impulse" purchases at the store. To do some comparison shopping, go to shopping.com and BizRate to compare products and deals. Plus, you can often get free shipping if you shop online.
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