Holidays
Making list, checking it twice
Some holiday survival tips:
· Create a comprehensive list of each person you plan to give a gift to, how much you plan to spend and what type of gift you plan to buy for each person.
"And stick to it," Dvorkin said.
· Take a look at what you spent last year. Look at your checkbook and credit-card statements from last year.
This can give you a ballpark figure of how much you spent last year, Love said. Ask yourself, was it reasonable or did you go over your budget and put yourself in debt, Love added.
Make sure you include the cost of holiday travel, any parties or dinners you plan to host and decorations you plan to buy, experts say.
· Try to pay cash for holiday gifts. If you can't do that, only charge what you can afford to pay back within a month or two, experts say.
"If you can't do that, you shouldn't be buying all this stuff, and you need to cut back," Dvorkin said.
· Start shopping now. This gives you time to find bargains and sales. Also, do some comparison shopping. The Internet is especially useful for researching big-ticket items, Dvorkin said.
"You'll get a better selection and better prices instead of waiting until" the last minute, McBride said.
Men are particularly prone to procrastinating during the holidays, Love said.
"Men will get in a hurry, panic and spend a lot of money to overcome the panic and guilt," Love said. "I think this is true more for men than for women."
· Get creative with your gift-giving.
For senior citizens on your list, you might pay for a maid or a gardener to help with their household chores, Love said.
You also might consider giving seniors a gift card for a store where they can buy groceries or other necessities, he added.
"Many seniors are on fixed incomes, and basic items are often more appreciated than something you can wrap up," Love said.
For young married couples with children, offer to baby-sit so they can enjoy a night out, he added.
