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September 2005 |
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 Sometimes it pays to spend. The operative word here is sometimes. If you buy Christmas or Chanukah gifts each year, now is the time to be thinking about them. The average household spends roughly $800 on gifts and holiday trimmings each year. That's a lot more than most of us save. And being just an average, surely many of us spend over $1,000 on the holidays — no wonder we reach for the eggnog. For anybody interested in saving and building wealth, you've got to keep that number down. Fail to plan and you plan to fail The trick — like Debt Matters has said before — is planning and budgeting. Make your list as usual, but start months in advance. By starting early, you can avoid buying in haste or buying something just to buy something. When you don't have just the right gift, the temptation is to spend more to compensate. Budget how much you want to spend on each person. If given enough time, you'll be able to find something within your budget and probably something you can feel good about. Also, with time you can listen to people for hints as to what they really want. Not only can you shop cheaper, but you can shop better. Save on gas and time If you have a holiday shopping list already written out, you'll see some of the items during your usual errands. Grabbing the gift then will save you making a special trip later. And during the holiday rush, it's not uncommon to visit more than one store to find what you want. So, picking up gifts as you go can spare you a real run around — a waste of time and money. The intangibles There are other reasons — besides finances — to shop early:
With your shopping done, gift-buying won't intrude on family holiday activities. You'll have more energy and the holidays may seem less hectic and pressured. Also, while shopping so far in advance you can plan fun, cheap family outings that may end up being more important than the gifts anyway. Not surprisingly, it always comes back to planning. |
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