Holiday Spending Tips
Is it too early to start talking about the Holidays? Well if you’re like a majority of the spending public, the day after Thanksgiving means the beginning of the making a list, checking it twice days.
Here are a few eye openers to consider: Consumers spent a total of $438.6 billion during the 2005 holiday season and estimates say that the number has been increasing ever since. The average planned spending for shoppers (in 2006) was $1,093. Yes, that’s nearly $1,100 per person. As of November some 54% of consumers are still paying off credit card debt left over from the previous holiday season!
To this end here are a few of my favorite tips when it comes time to pay for those brightly wrapped packages under the tree.
If you used credit cards to pay for gifts last year, dig up your old statements to review the damage. There is no better a way to achieve an itemized list than to study your past credit card statements. Figure out what ate up most of your budget and look to means of spending less this year.
Try to leave your cards home this year. It’s hard, believe me I know! The problem is that using the plastic to overspend is all too easy. We talk about this often but there is some definite truth to the fact that it’s much harder to part with cash than it is to hand over a plastic card.
We started with the famous song lyric “making a list, checking it twiceâ€- This is actually quite good advice even for those of us who don’t live at the North Pole. Make a list of everyone on your shopping list with not only gift ideas but set dollar limits. As you buy, check off your list. This will not only keep you more organized but it will aid you in keeping track of exactly how much you’ve spent.
When it comes to the impact the Holidays can leave on your wallet, it’s never too early to start planning ahead.
