1. Decide how much you can spend. When you use a Holiday Account to save money throughout the year, you’ll be spending money you planned for. If you choose to use a credit card, make it your DCU Visa so you know you’re getting the best deal!
2. Plan for everything. The holidays are not just about gifts, so plan for the expenses that come along with shopping (gas, parking), decorations, food and drink for parties, cards and stamps, festive clothing, and donations to charities. Creating a spending plan in advance can save you money in the long run.
3. Make a list and check it twice. Identify EVERYONE you will be purchasing gifts for: family, friends, teachers, mail carrier, office gift exchange, Yankee swaps, should all be a part of your plan.
4. Decide who’s getting what. Set a maximum limit for each person and stick to it.
5. Set expectations with family members, especially the kids.
6. Start shopping now. Don’t wait until the madhouse of Christmas Eve to do your shopping. In fact, plan to shop much earlier next year to take advantage of sales throughout the year, and avoid the packed malls.
7. Check your emotions at the door. You know what you have for other financial obligations (car payment, student loans, mortgage/rent, utilities, food), so don’t blow it by overspending on gifts.
8. Work sales, don’t let them work you. Buy what you plan to buy. Don’t buy something just because it’s on sale – is it on your list?
9. Keep track of spending. Try this to help. Put the money you plan to spend in an envelope. When the money’s gone, it’s gone – you’re done spending.
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