TIMELY TIPS: Every year, we all swear we’ll spend less this
Christmas. And then, of course, we give in to guilt and go hog
wild.
With this weekend as the traditional start of the shopping
season, we thought we’d pass along some suggestions from the
Pennsylvania Institute of Certified Public Accountants.
Make a Plan: To ensure you can afford your holiday activities,
plan ahead. Make a list of the gifts you’d like to buy; the
traveling you’re likely to do; and other expected expenses. Come up
with a realistic estimate of the costs.
If you don’t already have a written budget, list your regular
expenses, such as rent or mortgage, utilities, groceries, and
commuting costs. Total up your take-home pay and any other money
you expect to receive or savings set aside for holiday
expenditures. Deduct your regular expenses from the total to find
out how much you have left to spend on the holidays.
Have a gap? Save a few dollars in other areas so you can cover
your holiday costs.
Look for savings opportunities. Junk the java. If you’re
spending several dollars a day on pricey lattes, you’ll be amazed
at how much you can save by bringing your coffee to work in a
thermos.
Make a grocery list and stick to it. Plan and shop for a week’s
worth of meals in advance, and don’t give in to the temptation to
bring home high-priced takeout.
Bring a calculator with you when you shop. This helps you keep
track of your total and discourages impulse purchases of more
expensive items.
Brown bag it. Bringing your lunch from home will lower daily
expenditures significantly.
Use your library card. Check out books and movies from the
library for free.
Leave your credit card at home. Carry your card only when you
know you’ll need it. If you keep it in your wallet, it’s available
for decisions made on a whim.
Limit the cash you carry. The less you have, the less you
spend.
The association says that these simple spending habits will help
you conserve cash and cut down on overspending. In turn, you won’t
have to use credit cards for your holiday purchases and rack up
expensive interest charges.
