Evan Vitale

Evan Vitale – Resist Holiday Spending Bug

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Evan Vitale

November is here and, before you know it, you’ll be bombarded with holiday ads, commercials and new credit line offers so you’ll have more money to spend during the busy shopping season.

The temptation to spend – especially when creditors offer credit in front of your sparkling eyes – now is the time to stick to your budget; stick to the plan that you set nearly a year ago. Resist the urge to spend and resist the urge to sign up for a new line of credit.

You’ve come so far in creating and setting your budget, now is not the time to blow it. Yes, everyone will have a Merry Christmas, but you’ll regret the spending decisions you make now when the credit card bills come around in January (and, believe me, everyone regrets those big spending decisions when that fat bill – with high interest rates – arrives in the mail).

Suzy Orman calls it the “buy-it-now-bug” saying everyone catches the spending bug now and we start feeling the full effects in January. She advises:

  • Use only cash. Challenge yourself to not buy any gift with a credit card.
  • Go homemade. Whether it’s baked, knitted, scrap-booked or any other gift that you make yourself, it will feel more meaningful to the recipient and it will keep you away from the spending temptation.
  • Check your giving circle. Have a conversation with your family and friends about scaling back with your holiday giving. Who knows? They may have wanted to have the same conversation with you, so break the ice and have that discussion now.

An extra tip is to have a “secret Santa” drawing in your family. Instead of giving gifts to everyone, why not set a budget and everyone has a “secret Santa?” This way, the spending is kept to a minimum and everyone gets to enjoy a special gift.

Resist the urge. Follow the tips mentioned above and stay within your budget. You’ll be happier come January!

Evan Vitale – Save Money, Be Creative

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By Evan Vitale

The holidays will be upon us soon and, for many, the need for extra income becomes an extra financial burden when it comes to purchasing gifts for friends and family members.

Many stay within their means; abide by their budget and buy as their budget allows.

Therefore, our next two blogs offer some suggestions when it comes to gift-giving for the upcoming holidays:

  • Obtaining a part-time job for extra income (next week’s blog).
  • Being more creative with less expensive gifts.

Remember, no matter what you give to someone during the holidays, it’s the thought that counts. If you are going to purchase something, keep the individual in mind and – more importantly – keep your budget in mind!

Inside of buying a gift, here are some great ideas:

  • Consider making him or her a personal photo album. Photos are always appreciated, even more so when you take the time to collect and organize them in a way that will remind the person of a place you visited together or of a family member or event. This is a very inexpensive and impressive gift that anyone would enjoy. It’s always appreciated.
  • Get those creative juices flowing and make a gift basket. Again, include things in the basket that the receiver would enjoy: their favorite candy, snacks, fruit, beverage, etc. Including some baked goods (baked by you) are also appreciated. There’s no limit to what you can create and bundle together to make a personal gift basket. And, yes, men enjoy receiving gift baskets as well!
  • Purchase a small gift and include with it a poem or a story about the person. If the recipient is your romantic better half, you could also buy a series of inexpensive gifts and bundle them together. Think: The 12 Days of Christmas and give the person a “pear” on the first day of Christmas, chocolate turtles (for turtle doves) on the second day of Christmas, etc. Very clever!
  • Make something. If you sew; knit or have good woodworking skills, start now by making someone a personal (and unique) gift. Your costs will be very inexpensive, but the gift would be extremely appreciated!

Get those creative ideas going now and get started working on your gifts!

Evan Vitale – Curb Holiday Spending

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By Evan Vitale

Soon, the holiday months will be upon us with many opportunities to get together with family and friends and enjoy the seasons.

Unfortunately, the holidays can also mean spending temptations and the urge to buy decorations, gifts, food, etc. It is very easy to get caught up in the spirit only to face the dreaded credit card statements come January.

So, with that in mind, here are a few tips to stay within your budget and don’t overspend:

– Halloween is becoming one of the largest “spending” holidays of the year as many adults are now participating in decorating and parties. You can still become part of the fun and stay within your means. Always use what you have on hand for decorating and costumes.

– Thanksgiving meals can sometimes be expensive if you want to host a family dinner. If so, you can stay within your budget by having each guest bring an item (i.e., a pitch-in).

– Black Friday shopping, which now actually starts on Thanksgiving, is a huge temptation. Yes, you can save money by shopping for specific gifts, but you need to make sure that the items you want to purchase are indeed a bargain. Stick to a budget. Don’t buy more just because you’re saving money.

One of the big ways to save on gift purchases for the holidays is to seek out and use layaway plans. Big box stores such as Wal-Mart, K-Mart, etc. are currently offering layaway opportunities that allow you to make purchases and follow a payment plan. The store will hold your items until your balance is paid in full (usually around December 21).

Layaway plans are good as long as you make the scheduled payment and you avoid additional gift purchases along the way.

Think smart during the upcoming holidays. Don’t over-spend or over-extend.