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afford to spend and worked out a plan so that Christmas is not a plastic event this year.
Americans are relying on credit cards more than they ever have. As a consequence, many of us spend January trying to juggle large credit card bills that must be paid. With proper planning, you can start the new millennium without 1999 holiday debt hanging over your head.
Start by making a list of everyone that you know you need to get gifts for. Estimate the maximum price that you will pay for each item. Total this amount. Can you afford to spend this much?
Holiday shopping is more than gifts. Many families forget that holiday expenses cover lots of extras beyond normal monthly expenses. Holiday spending includes extra dry cleaning for party clothing, extra film and developing, extra charity opportunities, more eating out, expensive gift wrap. It may include more food and baking supplies, more light bulbs, higher electric bills, extra trips to the hairdresser, cards and postage, more long distance phone calls, and the list goes on.
Look honestly at your income. Decide what portion can be devoted to holiday spending. Now it is time prioritize. Are there other ways tc honor folk on your list without gifts? Is this the year you want to choose between extra holiday baking versus sending Christmas cards? Talk with your family about what makes the celebration meaningful for them. Include the things that matter and drop anything else.
Some shoppers find that they control their spending more easily if they take out travelers’ checks for the amount they have budgeted for gift purchases. Once the money is gone, shopping is done. If shopping with a credit card, keep a list of what is being charged and stop when you reach the limit for how much you can pay for.
Unrestricted credit card shopping has expensive consequences. $1,000 charged on a 17 percent interest card would take 12 years to pay if minimum payments are made. The interest cost of $1,000 paid at this rate is $979! Too many families are using credit cards as an extension of theii income and tying themselves to years of payments for items l°ng gone.
Why do we do this to ourselves? Many of us try to recreate holiday scenes from oui childhood, or we try to make up for guilt feelings, or we try to compensate for losses we have experienced. We often feel we have worked hard and deserve to have a little holiday splurge. Unfortunately, holiday splurges can limit financial options for a long time tc come because of money already committed to debt repayment.
Take some time this season to plan a strategy to have a meaningful holiday without wrecking your budget. If you would like a holiday budgel planning work sheet, call the local extension office at 6753691.
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