Published: November 28, 2008 03:36 pm            

Holiday spending reported in online poll

Kathy Smith, Democrat Columnist

For most families, Christmas, Hanukkah, and New Years means spending money. This year just about everything cost more. Families need to take time to look at what the family will be spending money on during this time of year.

The amount of money your family spends for gifts, eating out, special clothing, decorations, extra food, gas to travel and all the other things can easily add up to hundreds and even thousands of dollars. It is not too early or too late to make plans to budget for holiday spending and track your spending to make sure you don’t have so many charges that it will be difficult to pay for.

Begin by talking with your family about where to spend your holiday vacation. If you normally visit relatives, maybe this is the year to establish your own family traditions at home. Discuss it now so that your family and others are aware of your plans.

Hosting a holiday party or Christmas dinner can become a financial burden for some people. Finances for grandparents, uncles and aunts may be a little tighter this year with increased costs for food and other necessities and a decrease in the value of their retirement funds. Consider doing a pot luck dinner or having the host supply the meat and guests contribute the rest of the meal.

Gift giving is a difficult subject for some families to discuss. Several family members could be ready to make gift giving changes and cut down, but they may not want to be the first to bring up the topic. You might suggest cutting out gifts for extended family members or only giving to the younger members of the family or giving fames or a family gift. Once the topic is opened, you probably will discover other family members will want to cut back also.

After discussing who will be on your gift list, assign an approximate dollar amount to each name. Total the possible spending on gifts and decide if you can afford that much this year. Set a reasonable budget that won’t put you in debt. Don’t be the person who just starts buying gifts and has no idea how much they actually spend at Christmas.

Place your gift list and budget in an envelope. As you buy gifts, put the receipts into the envelope with the name of the person written on the receipt. Write the gift next to the name on your list. This helps your remember gifts you purchased early. Keep a running total of what you have spent.

As stores offer specials, it is easy to be tempted to buy one more thing you know a certain person will love. Keeping a list is a good way to help you resist that temptation and stay within your budget.

Wrapping paper, homemade baked food, as well as clothing for parties can stretch a family budget. Watch the advertisements for specials and stock up when there is a good bargain.

Watch for sales. Shopping early can stretch your spending over several pay checks. Pay cash or use your debit card. If you use a credit card, be sure you have the money to pay the bill in full when it arrives. If the money is not available for certain gifts or other items, this may be the year to cut back.

Talk with your children about your spending plans. Let them know that the holidays will be smaller this year and the entire family has to make choices how to spend so there is no debt in January.

A lesson for all families to remember is that your love for them is not measured by the dollars and the gifts. It is the time you spend with them that is the best dollar spent.

u

Kathy Smith is the Parker County extension agent. Her column appears Sundays. She may be contacted at (817) 598-6168.

        

• Click to discuss this story with other readers on our forums.