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Keeping Santa Solvent

Tips for surviving the gift-buying season

November 26, 2007    Spanish

For most people, surviving the holiday season with their finances intact will require planning, creativity and discipline. Bankrate.com has come up with seven things consumers should do to avoid financial disaster.

1. Make a list You need to know who you are buying presents for and how much you’re going to spend. If you don’t have that critical piece of information, the site warns, you’re headed for financial disaster this Christmas.

2. Don’t act like you’re Santa Claus Its easy to get caught up in the spirit of the season and start buying presents for people you haven’t seen in years. Be reasonable about who goes on your list.

3. Go easy on the gift cards Standing in front of the gift card rack, its easy to spend more on someone than you would if you were buying them a new sweater or a CD. Archstone Consulting in Stamford, Connecticut says consumers spend an average of $53 per gift card.

4. Shop around Grabbing the first thing you see can get expensive. Personal finance experts recommend going online to comparison shop and find the best price.

5. Don’t be a last-minute shopper People who put off their holiday shopping usually end up spending more money. Sure, some items may be on sale if things are slow, but it’s rarely the most desirable gift selections. And if you’re shopping online, buying at the last minute means paying for one or two day shipping.

6. Leave the credit cards in your wallet Its one thing if you pay off your credit card balance each month, but according to the U.S. Government Accountability Office, 46 percent of Americans don’t. If you’re one of them, pay cash or don’t buy it, the Web site advises.

7. Avoid deferred payment plans There will be no shortage of pitches offering “no payments until 2009,” but these are never good deals. And it's no fun to start making payments on that big-screen TV when it’s a year old – and already obsolete.

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