How Not to Break the Bank During the Holiday Season

For years, people have been charging up a storm during the Holiday season only to find themselves in a mountain of debt while ringing in the New Year. I have learned some great tips from some smart people who do not even own a credit card. The best advice I can pass on to you is:

Start a Christmas club or just a regular old savings account. By depositing $20 a week you will have around $1000 in the by Christmas. If you cannot afford $20 a week try for $10 or even $5, any amount is going to make a difference.

Plan ahead. Create a budget and a detailed list early in the season and stick to it. Decide if your kids will get an equal amount of gifts or if you will spend an equal amount of money on them. If you are going to buy, your kids 15 gifts apiece set that in stone and stick with it.

Shop Smart. Watch for sales and discounts. Check the internet and compare prices. There are great resources like Deal Time and Price Grabber that scour the web and give you the lowest price available on what you are looking for. With the cost of gas buying things online is often a bigger bargain than we think. Look for sites like Slick Deals and Current Codes for all of the lowest prices on the hottest items. Some examples of the things I found on these sites were Hot Wheels Octopark Flip & Go Play set, regular price between $20-$25 for just $6.90 or the Rachel Ray Hard anodized Rectangle Skillet with a Cast Iron Press, regular price $65-$90 for just $13.35. Both of these deals include tax and shipping.

Do not over buy. You do not have to have a stockpile of gifts under your tree for the kids. Most kids get tired of unwrapping before they get to the end of their stack. I know my boys usually get about five gifts unwrapped and then want to play with them instead of unwrapping more. The key is to know what your kids will really like and enjoy not what they say they want just because someone else has one or they saw it on TV.

Although these tips are very helpful and seem easy to follow if you are not in the right mind set and willing to stick with your budget and list, they will not work. It is easy to sway even the most diligent of shoppers with tantalizing advertising, creative packaging, and the "must have" toys of the season.