Shop smart, avoid holiday debt

  • Published
  • By Meredith March
  • 66th Air Base Wing Public Affairs
HANSCOM AIR FORCE BASE, Mass. --  As holiday anticipation shifts from ghosts to gifts, it's especially important this year to stay within a sensible budget while taking advantage of holiday sales and finding the perfect gifts for loved ones. While it can be difficult to resist the holiday season's "spending crazies," overspending can create exorbitant bills to haunt over-zealous shoppers in January.

Careful budgeting and strategizing, however, can minimize the season's impact on gift-givers' wallets. To avoid the monetary consequences of impulse buying, individuals should assess their finances and set a firm budget, said Hillary Dewitt, Airman and Family Readiness Center Work Life consultant.

"People who haven't already set aside money for the holidays should take a look at their current budgets and decide whether or not they have any extra money to spend. Once they've figured out what they do have, they should set a spending limit and stay within that limit," she said.

If there isn't as much money for available for gift giving as individuals would like, it might be necessary to change expectations of the gifts they will give this year.

"Don't go into debt for holiday gifts," Ms. Dewitt said. "The best gift you can give your family and friends is to be financially sound."

Making a list of family members, friends and how much money can realistically be spent on each can keep overspending to a minimum.

"It's a lot like going to the grocery store," Ms. Dewitt said. "If you have a list, you know you only need to buy what's on the list. If you don't have enough money for everything you want to buy, you can go back, reevaluate and prioritize."

Before setting out to buy their gifts, shoppers should have destinations in mind.

"Not knowing specifically where you're going is like shopping for food on an empty stomach. People often overspend when they are just wandering around the mall," Ms. Dewitt said. "Shopping online is also a great idea - you can focus on the things you set out to buy without being distracted by things on sale or display."

Ms. Dewitt also recommends paying with cash, rather than credit cards. "The last thing we want, given today's economy, is trouble with credit card debt," she said. "If you only have cash with you, once it's gone, it's gone. You don't have the option of spending more."

To assist the Hanscom community with making wise holiday spending choices, the Airman and Family Readiness Center will offer a workshop, How to Conquer Holiday Spending, from 1 to 1:30 p.m. on Nov. 14, at the A&FRC.
The workshop will feature holiday money management and gift saving tips, budget gift and decorating ideas, shopping guides and service project information.

For more information or to register for How to Conquer Holiday Spending, call the A&FRC at (781) 377-4222.