Publication: Chicago Sun-Times (IL)
Author(s): Mark LaSpisa, Special to The Chicago Sun-Times
Date: November 20, 2006
Section: Financial
Page: 56
Q: How can I avoid overspending my budget this holiday season?
A:The holidays can be the most challenging time of the year to maintain budget management even for the most disciplined consumer. Here are some thoughts on how to counteract the marketing departments of your favorite retail store or Internet site.
Create a budget. Determine the amount you can afford to spend for everyone on your list. Ask yourself: Is this affordable? How will spending this amount affect your household finances once the holidays are over and the bills show up?
Use a list. Create a list of all people for whom to purchase a gift, identify what you want to buy and the amount you are willing to spend on each.
Start a family grab bag. This will save you from spending money on everyone in the family, but still allows everyone to participate.
Shop on line. This will help eliminate impulse purchases. In many cases it can even eliminate sales taxes or shipping cost on many purchases.
Pay with cash. By leaving the credit cards at home, you will be less tempted toward impulse purchases.
Mark LaSpisa is a certified financial planner, and a member of the Financial Planning Association of Illinois
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