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Easing the Holiday Crunch

Tips to Lighten the Financial Burden

By Kristine Prugh

If the sight of twinkling lights in the mall doesn't give you a warm fuzzy feeling, I know how you feel. If the sight of children lined up to visit the big man in red sends you into a state of panic, I feel your pain. If you are still paying off last year's holiday credit card bills, read on. If you cannot seem to muster the courage to go shopping until December 24 at 3:30 p.m., fear not. There is help. The following tips and tricks should help you save time, money and, most important, your sanity, as you prepare to make this holiday season the best ever.

According to Matthew Fink of Wisconsin Community Bank in Cottage Grove, Wis., the key to holiday shopping is to set some ground rules for yourself. This may seem straightforward, but it will help you plan and manage your spending. He advises the following:

1. Make a list of everyone you plan to buy gifts for.
2. Put a dollar amount on how much you are willing to spend on each person.
3. Add it up and make sure you can afford it. If you cannot, make adjustments.
4. Finally – stick to it.

Holiday savings funds are a hassle-free way to save for the holidays, especially if you otherwise have a hard time saving. At the beginning of the year, you choose how much you want to be deducted and saved from your paycheck each month. This amount should be based on what you anticipate you will spend on gifts. It is helpful to go through the steps above before electing an amount.

Holiday savings accounts are often set up with your employer. Some companies even kick in some additional money or offer a special interest rate to make these plans more attractive to their employees. Diane, a junior high school language arts teacher from Madison, Wis., finds her holiday savings account is helpful. "I am enrolled in a Christmas Savings Club at our City Employees Credit Union," she says. "The money I designate is deposited directly from my check each month. I don't ever miss it. It's nice to have the extra funds available to me in October when I start thinking about Christmas presents."

Want to see more?

• 'Tis the Season to Save Money: Sticking to the List Without Breaking the Bank
• Digging Out of Holiday Debt: How to Survive This Year and Plan for Next Year
• Homemade Holiday Presents: Help Your Little Ones Make Their Own Gifts
• Talk about it!