900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 · 215.563.0276 · Fax: 856.667.3652

The Online Advisor

November 2007

Smart Business

Keep your holiday spending under control

The holiday season should be a pleasant time - exchanging gifts, entertaining family and friends, and extending goodwill to others. Most of us enjoy the holidays, but too often the enjoyment is followed by financial headaches. January’s bank statements and credit card bills bring the realization that once again we lost control of our finances.

It doesn’t have to be that way. Before the holidays begin, make a budget. Estimate the cost of everything you plan to spend, from gifts to holiday decorations, entertaining, and special events. If the total cost is manageable, then stick firmly to your budget as you shop. If it’s not, look for ways to cut back.

Consider how you can save on holiday gifts. Many families draw names and give one nice gift to one person, rather than multiple small gifts to everyone. Give elderly relatives "gift certificates" good for your help with home or garden chores. Other cost-saving ideas: Make or bake gifts instead of buying them; give combined gifts from parents and children instead of individual gifts; agree with your close friends on a gift spending limit.

The holidays are a special time for children. But even here you can curb the excesses of gift giving and teach some good lessons too. Don’t feel you have to give your children every gift they ask for. When they make their list, encourage them to prioritize the things they really want. Remember, their favorites are often the simple toys that encourage them to use their imagination.

Show your children there’s more to the holidays than just receiving presents. Have them participate in choosing and wrapping a gift for a less fortunate child. Encourage them to make their own gifts for family and friends. Arrange family outings and fun activities so the holidays become a series of enjoyable events.

Aim for more emphasis on holiday experiences and less on spending money. You’ll enjoy the season more and may reduce the financial hangover.

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