Knowing ahead of time what the big money wasters are can help prevent holiday financial woes and post-holiday credit card stress. The top five holiday budget busters are:
1. Buying presents for too many people, for the wrong reasons. If you’ve fallen into the trap of buying for all your neighbors and co-workers, consider calling a truce or drawing names. (They may be relieved!) If you still feel like you absolutely must give them something, bake it. Not everyone has time to bake during the holidays, so a plate of cookies may be the perfect holiday treat.
2. Throwaway holiday decorations - including wrapping paper. Go simple this year, use what you have, borrow from a family member who has extra's, or make simple decorations out of what is available in and around your home. You'll be amazed at what you can do with a can of gold or silver spray paint. If you really do need new decorations and accessories, buy them at the after-Christmas sales to use next year.
3. Sending cards to people you can’t remember, who no longer live at that address, or who have died. Prune that Christmas card list with the help of your spouse and save on cards and stamps. Or try sending free e-cards instead; in addition to saving money you won't be adding to the landfill problem. (Believe me, the digital generation would rather get an entertaining, singing and dancing e-card than a paper card any day.)
4. Lights on your house that can be seen from space. Go for creativity and style, not blinding quantities of lights. Not only will this save you money at the store and with the electric company, it will save you the time of putting up and taking down all of that stuff.
5. One-time holiday clothes. That free company dinner isn’t really free if you need a whole new outfit every year. Try to buy timeless reusable pieces like a red sweater set or “little black dress." Stay away from anything that you can only wear during the holiday season.
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