Get a grip on holiday spending

By Becky Hagen Jokela, University of Minnesota Extension

ST. PAUL, Minn. (11/10/2008)—As the holiday season approaches, it may be helpful to create a holiday spending plan. Knowing what financial resources you have and where your dollars are going will lessen overspending and stress.

When creating a budget, be sure to consider your holiday expenses such as gift costs, wrapping, cards and holiday foods. Consider creative ways to reduce the costs of gifts and other items by using coupons. Take advantage of sales and rebate offers. If you aren't already doing so, next year plan to shop throughout the year for bargains. You can try to save throughout the year with a designated holiday savings account.

This year, many people are in the same boat with financial difficulties. Your family and friends may appreciate a suggestion to draw names for gift giving, lower gift dollar-limits, agree on family vs. individual gifts, or to exchange fewer gifts. You may feel ready to stop giving gifts to some friends and family—if you feel that way it's possible they do too.

Whenever possible, try to pay for expenditures with cash or debit cards instead of using credit. Record purchases to keep an accurate account of the money you are spending. If credit is used, record spending totals to have a realistic picture of where your money is going.

Tap your creative talents! Many people enjoy receiving gifts you can make yourself. Homemade gifts such as baked goods, craft/art/photo items, volunteer to assist with a task/snow shoveling, etc. can be enjoyed by all and not break your budget.

This holiday season, take the time to think about your spending and know where your dollars are going. Feeling in control of your holiday spending will lead the way to holiday enjoyment and starting out the new year with less stress.

Any use of this article must include the byline or following credit line:
Becky Hagen Jokela is family resource management educator with University of Minnesota Extension.

Media Contact: Catherine Dehdashti, U of M Extension (612) 625-0237, ced@umn.edu

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URL: http:// www.extension.umn.edu/extensionnews/2008/holiday-spending.html This page was updated Nov. 10, 2008 .
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