How to cut back on holiday costs
Q: With the holidays just around the corner, I find that stress is not so much physical as it is financial. The same thing happens every year: My wife and I always go into debt. This year, though, we used our credit union Holiday Club account, and we are so glad we did! Yet, my wife and I realize that we still have not saved enough to cover the entire cost of all the gifts we need to buy – in addition to all our other expenses at this time of year. Should we go further into debt using credit cards, or is there another way to handle this?
A: While this time of year is widely known as the season of giving, it is possible to give too much. Our best advice is to cut back in small ways.
Here are some ways in which this can be done:
If you are hosting the holidays at your house, you can ask people to bring certain dishes, rather than purchase all the food yourself.
If you have children, you may want to forego presents for your spouse and yourself. This way, the kids get the gifts they want, your spouse and you get the gift of less debt, and you can still afford all your other expenses.
Shop for the best deals possible. Stores are always having huge sales online, so make sure you are not paying more than you have to.
Lastly, an option many people do not consider, just buy fewer or less-expensive gifts.