If you're like most people, you don't really begin thinking about holiday gift giving until November rolls around. It's then that you start considering who will be on your gift list, and as the month wears on, you begin to come up with ideas for each person on your list. Electronics and tools top your husband's wish list, you want to get your newlywed niece some housewares, your kids want toys and games, and you're considering digital cameras for your parents and your in-laws.
By the day after Thanksgiving, you're ready to hit the ground running and shop 'til you drop. Whether you peruse the malls or shop online, you quickly run through your list, picking up the electronics, cameras, housewares, toys and games, and tools you need. In the process, you might select some new lingerie for yourself and some extra health and beauty products for your boudoir.
The festivities of the holidays arrive, and everyone on your list is pleased with their gifts. Before you know it, it's the New Year, and the credit card bills begin to arrive. Once again, your enthusiasm (or obligation) for gift giving exceeded your budget, and you're faced with paying off the debt associated with holiday gift giving.
Gift giving doesn't have to mean going into debt each year. With a little forethought, you can give beautiful gifts for every occasion without breaking the bank or going into debt. Here's how:
First, decide how much money you want to spend on gifts each year. Consider not only holiday gifts, but also gifts for every occasion - birthdays, weddings, anniversaries, graduations, and so on. Be realistic.
Next, divide the total amount by twelve. As an example, if your budget for gifts for every occasion is $1,200, you need to save an average of $100 each month for gifts. That may sound impossible, but there are a number of painless ways to collect the money you need to give gifts for every occasion:
Tax Refund: This year, put your tax refund into an account you've specifically set up for gifts. Funding your gift account with your tax refund will give you an early start and could give you a nice sum to begin filling the coffers.
Coupon Money: Start clipping coupons and using product rebates. When you use coupons at the grocery store, take the money you saved and put it into your gift account. When you receive a product rebate, deposit that money into your account.
Yard Sales: Everyone has too much stuff. Clean your closets, attic, basement, and garage, and have a yard sale. Put the money you earn into your gift account.
Online Auctions: If you have the time, consider selling your better items through an online auction service, such as eBay. It's easier than you think, and you can make enough money throughout the year to fund your gift account.
Pay Yourself First: If you think you'll still come up short of your monthly goal, take advantage of automatic deduction programs your employer may offer. If the money is taken out of your paycheck before you receive it and put into a savings account, you'll never miss it.
When you save regularly, you'll have a nice nest egg from which to draw in order to buy gifts for every occasion. Just think about how great it will be next holiday season, when you can buy gifts for everyone on your list without worrying about January's credit card bills. |
