Pay Cash for Christmas Gifts

Save Money this Holiday Season and Avoid Using Credit Cards

Nov 24, 2008

Stay out of debt by cutting up the plastic and start paying cash for gifts this year.

A sure way to spend less this holiday season is to forego the plastic for dollar bills. It’s not as hard as it sounds...and you’ll end up starting 2009 without leftover debt from ’08.

How to Pay Cash for Christmas Gifts:

Set aside a holiday budget and don’t go over it no matter what. And when you’re paying with cash instead of plastic, you can’t. Once you run out of money...that’s it; no more presents. In fact, it would be a good idea to withdraw the amount you want to spend on presents now and go out this weekend when the sales are best and buy everything you’ll need for the holidays. Then, no more stress and no more money worries...until next year!
Don’t exchange gifts with everyone. Most people will understand about money problems...because chances are they have them too! And do you really need another sweater from Aunt Eilleen or a tie from Uncle Joe? A lot of times, no one wants to be the one who finally says no to gift exchanges. If you do it, your friends and loved ones will probably be relieved. Maybe only give to the kids this year, and instead of presents, the adults can throw a barbecue in the spring as a way of staying in touch during non-holiday times of the year.
Give to charity instead of each other. Charities are having an especially difficult time this year given the current economic crisis. So instead of spending $20 on a useless gift, give $10 to your favorite charity. You can even make a donation in honor of someone else.
Forget stocking stuffers. If you’re not willing to forego gifts this year, at least get rid of the small items you buy simply to fit in a stocking. Those are often unnecessary and the first items to get pitched in the new year.
Set up a Christmas Club Account for next year. Put a little money away every month starting in January and you won’t feel the pinch as much next year.
Don’t pay full price for anything! With the economic downturn, retailers are ratcheting up the sales and lowering their prices to get you in the door. So it doesn’t make sense to overpay for anything...anytime, not just during the holidays. It’s a lot easier to pay with cash when things cost less.

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The copyright of the article Pay Cash for Christmas Gifts in Consumer Education is owned by L. Marie Dubuque. Permission to republish Pay Cash for Christmas Gifts in print or online must be granted by the author in writing.