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How to have an all cash Christmas (or Hannukah etc.)

November 5th, 2007 at 07:58 pm

I have never been a believer in getting into debt for holiday gifts but with money being tight these last few years I am finding it even more important to fund my holiday shopping without resorting to credit. That is not to say that I don't use some credit cards to purchase on-line etc, just that they are paid in full so there is no lingering holiday debt come the new year. Here are just a few of the ways I accomplish a debt free holiday:
1) Commit to spending only what you can afford. If you will be tempted to overspend with credit cards, don't use them at all. If you cannot afford it, don't buy it just because someone else tells you that you should.
2) Start setting aside small bits of money each week or so during the summer or even earlier in the year if you can. If you can take 10, 15 or 20 dollars that you would otherwise spend on something else and set it aside (I transfer it to my ING account) do so - you can easily have a few hundred dollars set aside before you even need to begin shopping.
3) Take all small amounts from sources like rebates, survey sites, rolled coins and add them to your stash. This easily gives me at least another $100.
4)Plan out your gift needs. I poll my 4 kids and try to find out what they want, what they need and what I think they will really use. If it is really expensive, they know I won't be buying it so no personal computers, personal cell phones, etc. for my kids. We have bought a new family computer, PS2 and other larger gifts but they were family gifts and were bought during years when we could afford the extra expense.
5) Shop the sales, look for coupons, rebates, on-line deals etc. My youngest daughter loves crafts. Last year I got her several craft kits, all purchased at 40% to 50% off with coupons from Michaels, AC Moore or Joannes
6) Participate year round in retailers loyalty programs and use your credits/coupons to purchase gifts. I have a credit card which gives me gift certificates to Toys-R-Us. I only use it for purchases that require a credit card and it is always paid in full but I have managed to accumulate $30. I will be able to use this to buy a few gifts and hopefully combine this with store sales. Many other stores have this type of program. Even if you only net a few gifts this way, it is that many less that you need to pay for.
7) Do your research and try to make sure you are purchasing at the best price. Some things I like to see in person before I buy them. I pre-research on-line and then hit the stores. If I like it and the store price is good, I buy it while I am there. If it is significanly cheaper, I buy it on-line now that I have seen it and know that I really want it.
8) Talk tactfully to family and friends to cut back on gift giving. Last year DH was unemployed. I spoke to several family friends who we routinely has exchanged gifts with "because we had always done so". With several it had gotten to the point where we really did not know what to get their kids and they really did not know what to get ours. Both sides were more than happy to retire the gift giving tradition with no hard feelings.
9) If you are talented in a particular area, get creative and give a gift that makes use of your talent. I like to sew and do crafts so I have given my nieces presents in past years that were handmade and cost less than if I would have had to buy them.
10) Most important, remember the spirit of the season is what is important, not the size of the gift or the price tag.

1 Responses to “How to have an all cash Christmas (or Hannukah etc.)”

  1. nance Says:
    1194304669

    Great ideas. I find that giving a "family" gift basket is inexpensive and a nice gift. We have done a "Family Fun Night" basket, with a game or a movie, microwave popcorn, hot chocolate mix, movie size boxes of candy, in a large popcorn bowl, or a basket purchase at Goodwill, and spray painted, to be appreciated. This year I am going to give one family a pancake griddle, homemade pancake mix, a jar of maple syrup and Christmas pancake forms, purchased new, at Goodwill to be a nice gift, that all can enjoy. You don't have to spend a small fortune to have a very nice gift.

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