In my previous entry I listed a few ideas of how to help your children keep their holiday spending in check, especially in today’s economy. Here are a few more ideas…

6. Use cash. This is especially important for your kids. They will learn the important lesson that when money is gone, it’s gone. Take only your budgeted amount with you when you go shopping.

7. Agree to shop with purpose. Hit the mall only twice for holiday shopping. When you’re there, stay on task. Don’t buy anything that isn’t on your list. If you happen upon something you’d like for yourself, put it on your own wish list. Better yet, wait until after the holidays and get it on clearance or with a gift card someone else gave you.

8. Choose the stores where you want to shop. Sounds strange, but make a list of the stores where you want to buy your holiday gifts and only shop those stores. Many times during the holiday, seasonal stores pop up selling stuff we never even considered buying. This kind of stuff is generally overpriced and plays on your holiday emotions. Don’t be tempted. Shop only the stores you shop regularly that have earned your loyalty due to their good value and quality.

9. As you shop, edit your list. You may find a great deal on one gift, which means you can spend less on that person on your list. That money can be applied to another person. However, never spend more than you have budgeted on a person until you find you have some money in your budget “bank” because you got a great deal somewhere else.

10. Exercise cash-free giving. This is one of my favorites as it costs nothing, but those who receive these gifts appreciate the thought and effort put into the gifts. I’ll elaborate with some specific ideas next time…

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Susan Beacham
Written by Susan Beacham
Susan Beacham founded Money Savvy Generation in 1999 after almost two decades in private banking and investment management complemented by considerable time teaching at the elementary level.

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