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Here Comes Santa Claus
Holiday Shopping for the Budget Conscious
By Neilia Sherman
Have you just finished paying off last year's holiday shopping debts? Does the sight of Santa send you into a panic attack? Start this year differently. With a little planning and determination, you can breeze through the holiday season without emptying your wallet.
One of the best ways to get a handle on holiday expenses is to plan in advance. First, decide who will be on your gift list and how much you can afford to spend on each gift. Then develop a realistic spending plan that includes all holiday-related expenses. By adding up these expenses in advance, you can decide where you need to cut back if the total is more than you can afford.
If you're financially over-stretched, you might try limiting yourself to immediate family and close friends. Andrew Holt, executive director of Credit Counselling London in London, Ontario, Canada, points out that those around you may be experiencing the same anxiety about holiday spending. "You might gain the admiration of these folks by going to them at this time of year and suggesting that exchanges be eliminated or at least limited to a card or gift of nominal ... value," he says.
The next consideration is how you will pay for what you purchase. "People who shop with credit cards spend 30 to 35 percent more than those who shop with cash," says Holt. If you are going to use your credit card, write down your purchases and make sure that you have a plan of action to pay off them off in a reasonable amount of time.
OK, so you've got your budget in hand, and you're ready to brave the mall and start the buying process. To help make it a more pleasant experience, Laurie Campbell, program manager for the Credit Counselling Service of Toronto, Ontario, Canada, offers a few tips.
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