About 'how to live debt free'|Fiscal Literacy Friday / Financial Literacy 3 Keys to Debt Free Living
Tis' the season to shop for Christmas! If you plan to give gifts for Christmas, begin planning now. Shopping is my favorite pastime and I don't like window shopping either. If you don't want to be restricted to window shopping because you spent all of your money purchasing gifts follow these easy tips to save on everything you need. Anytime of year is great for Christmas shopping. If you plan ahead you can save a lot of money and check off everyone and virtually everything on your list. Make a List Santa is making a list and checking it twice and you should too. Create a list of everyone you would like to give gifts too and the item you would like to purchase. Don't forget colleagues and contractors when making your list. Gift Options Baked Goods and Confections It's time to take out the cookbooks and search online for delicious recipes. Cookies, cakes and candy are always delightful. Place the sweets in a tin, small gift box, jar or other creative container and wish the recipient Happy Holidays! If baking is not your area of expertise, purchase these items already made and place a bow on them. Holiday Cards You can be debt free and stress free if you simply give everyone holiday cards. Options include photo card greetings, money holders and standard greeting cards. If you plan to include money in each card, a $5.00 bill for kids and $10.00 gift card for adults is ideal. Personal Care Items Bubble baths, lotions and bath salts make great gifts. Most women enjoy fragrances and they can typically be found on sale throughout the year. You should be able to find 7-10 tubes of lotion or bottles of body spray or mist for $3.99-$10.00 per package. You can gift these items to 7-10 individuals and spend pennies. Lottery Tickets Lottery tickets make great gifts for adults. Some will win, while others will lose. In either case, the gift is creative and is certain to ignite joy and laughter throughout the room. Include the tickets in a holiday card with a note wishing the recipient luck. Kits You can prepare all types of kits to gift to your loved ones. From coffee or crafts, the gift is sure to please. A coffee kit might include the recipient's favorite type of coffee, creamer, coffee mug(s), et cetera. These items can be placed in a basket or gift bag for an elegant presentation. Cash or Charge? It is widely endorsed that you pay cash for purchases whenever possible. If you charge it, you are ultimately incurring debt. Debt you may not be able to repay. As the goal of this article is for you to be debt free after the holidays, leave your credit cards at home or exercise restraint when shopping. You should not spend money you don't have. So shop and spend wisely. Create a Holiday Budget Ideally, you should not spend more than $150.00 of gifts for a group of any size. This includes family and friends. Christmas, in particular, is not a time for big spending unless you have big bucks. Christmas is a time to celebrate the birth of Jesus. Today, we celebrate the birth of Christ by giving gifts to one another. But you don't have to break the bank and add to your financial frustrations. Placing limitations on holiday spending is a goal to aspire to. Most people find themselves paying restitution for wrong doing during the holidays by over spending. This in turn results in an overwhelming amount of debt, as well as, past due bills in the early part of the upcoming year. Refer to your holiday budget throughout the year, as you shop for gifts, to remain within the predetermined spending limits. Comparison Shop Have you ever heard the song, "You better shop around"? Well, it's true. Comparison shopping is an effective way to save money. Discount stores typically offer great prices on the same merchandise sold in department stores. Resale stores also offer brand new merchandise in all departments. Checking your local store year round can yield significant savings. Used toys in excellent condition can also be found at resale stores and yard sales. Browse each department for deals and consider how you will repackage items you find. Place them in gift bags or boxes for gift giving. Kids of a certain age will not know the difference between something old and something new. Use Coupons I am a huge proponent of coupon use and faithfully watch Extreme Couponing on TLC. I use coupons whenever I can. If you check the sale circulars year round, you can find deals on all sorts of items. Stores typically include coupons that can be used to purchase items for a percentage off your total and/or for specific items. Plan to only shop when your favorite store has a sale and offers additional savings on the items you choose. Toys, perfume, cosmetics, clothing and accessories are amongst the merchandise that can be purchased at deep discounted prices. Some deals are not even advertised. This means you should be on the lookout for items on clearance and other unadvertised deals. Food and other items needed for your holiday celebration can also be purchased well in advance of the holiday season. Stock up on holiday meal essentials now and rest later. Food items such as canned goods, pie crust, poultry, cornbread mix, et cetera. Why wait until the holidays to purchase these items when you can reserve a spot in your pantry or freezer now and save gas, time and energy later. Check your Sunday paper for coupons on the items you will need and enjoy tremendous savings. Talk to Your Family Having a discussion with your family, children in particular, regarding the gift giving plan can decrease your stress during the holidays. If everyone knows the game plan, they won't expect mounds of gifts. You may choose to request a wish list from each person, with the understanding that all of the items of the list may not end up underneath the tree. Don't feel guilty if you are unable to meet your kid's expectations. Unless you've saved all year for big ticket items, you may not be able to afford everything each person wants in time for Christmas. If you follow these tips, you are not only on your way to being debt free after Christmas, you are changing your spending habits for a lifetime. |
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