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Published on 12/17/97

Holiday Gift Budgets Can Give All Year

This year, give yourself a holiday present that saves you money. Treat yourself to a bill-free new year and get ready for the 1998 holiday season while you're at it, said a University of Georgia financial specialist.

"If you've already bought presents and done all of your holiday spending for this year, it's not too late to repair a blown budget," said Esther Maddux, an extension financial specialist with the UGA College of Family and Consumer Sciences. "Make your plans now to quickly repay this year's holiday debt and to prepare a spending plan for next year."

Holiday costs include more than just presents, though. You can sink a lot of money into gift wrapping, postage, parties, eating out, decorating, entertaining, holiday clothing, travel expenses, film and photo processing, donations, childcare costs and even bargain items at after- holiday sales.

"Many people don't think of these expenses as holiday expenses, but they really add up," Maddux said.

Paying with a credit card seems like an easy solution to holiday spending, but Maddux said that quick, painless signature on a credit slip can painfully drag out holiday debt repayment for months.

"If you do choose to use credit cards, you still need to budget and stay within your budget," she said. "And have a plan to repay the credit card issuer within three months."

How much should you spend on the holidays? Maddux recommends spending no more than 1.5 percent of your gross household income.

At the beginning of 1998, Maddux recommends figuring that amount and setting it aside through the year for your next season's holiday spending. Many banks offer "Christmas Club" accounts and your employer may automatically deduct a set amount from your paycheck for direct depositÿ into that account.

"If the money doesn't go into your regular spending account, it's much easier to save it," Maddux said.

When next year's holiday season rolls around, you'll have cash jingling in your pocket to get you in the mood for the season.

Just because you have the money doesn't mean you have to spend it on gifts. "Think about the cost of the gift and the value it will have three months later," Maddux said.

Will a $100 trendy outfit be as valuable as a special trip with friends or family? Do you remember what gifts you received last year? Can you remember who you spent time with?

Time, though free, can be the most precious gift to give many relatives and friends.

Experts/Sources:
Esther Maddux
Consumer Credit Counseling Services
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