Suzi McGarvey, former Extension Associate; Reviewed by Brenda Procter, M.S., Associate Extension Professor, Personal Financial Planning, University of Missouri Extension
With the holidays approaching, many people begin to feel the financial stress of the season. You can lessen the anxiety you may feel during this time of year by planning purchases in advance. Consider the following tips for a more enjoyable holiday season:
- Make a list of the people you will need to buy for and how much you plan to spend on each person.
- Determine how much in total you plan to spend, and if this figure seems too high, make adjustments in your planned purchases.
- Try to avoid the temptation of paying for all of your purchases with a credit card when you do not have the money to pay it in total. Avoid thinking that you’ll just “pay it off later”… Set a limit and try to stick to it.
- Be wary of store promotions. Offers of “buy now and pay later” sometimes have hidden clauses that allow interest to accrue until your first payment… Remember, if it sounds too good to be true, it probably is.
- Be creative with your gifts. Try making homemade items or giving personalized gifts that offer your services for things such as an evening of free babysitting…
photo credit – Ambuj Saxena