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Avoid a Christmas Buying Blitz on Your Credit Cards
The beginning of September is the end of summer vacation and back to business. Fall is a huge retail season because of the Christmas buying blitz. And speaking of the holidays how are you planning to pay for all the festivities? Many of us have good intentions but end up maxing out our credit cards. Here are a few tips to keep your holiday shopping in control.
Make a list of everyone that you usually buy presents for. It may be a shock that your list is 20 or so people. Take a long hard look and cut the list in half. Instead of a gift consider sending a card with a personal letter. You might be surprised to find out that those who you've cut are just as glad because they don't have to reciprocate. Send the cards out early, right after Thanksgiving and add a note that says something like "while you've enjoyed exchanging gifts over the year, you're going to be concentrating on the immediate family only from now on."
Another alternative is to send a homemade gift of cookies or candies with a card that says "open now to enjoy before Christmas."
If you still receive a gift, send a thank you note, but don't feel obligated to rush out and buy a present.
Instead of individual presents, one for nephew Mike, another for niece Susie, your brother Al and your sister-in-law Ruth, give a family present they can all enjoy. It could be a gift certificate for the movies, a board game, or a gift basket of food they can share. The total amount you spend will be less than individual gifts for each.
Make a list of the people and potential gifts with a dollar amount. Withdraw the amount of cash you need and take a weekend to get all the gifts. When you're finished that's it, no more shopping, no more spending.
If you absolutely must use a credit card for purchases select the one with the lowest interest rate. Check the available balance to make sure there is enough to cover your purchases. Some credit card companies are closing off lines of credit and not telling their customers until they receive their next statement.
Do the gift shopping now. Over the next few months save enough to pay off the amount that you purchased on your card and pay it in late December. You'll start off the New Year without that Christmas shopping hangover.
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