The holidays are just a couple months away and many already have started to spend but more may be worrying about the costs of the holidays.
Don't let emotion take control
If you receive a holiday bonus and are on a tight budget, the last thing to do is veer away from what should be a prudent spending pattern.
Be realistic with your gift list
If you have a number of family members to buy for, suggest drawing names and setting a price limit.
Give practical gifts
If people on your gift list are on tight budgets, give them something they can use. Or offer your service or talent.
Make a budget and stick with it as closely as possible.
Be careful with your own clothing budget, you don't always need something new to wear to holiday parties.
Consider contributing to your children's 529 college savings plans. The gift of a 529 plan probably won't make your grandchildren squeal with joy on Christmas morning. But years from now, when they graduate from college debt-free, they'll thank you ..It also gives you a chance to teach your children/grandchildren about savings. You can gift up to $13,000 without having to file a gift tax return.
Planning for Winter/Spring Break
Start planning now. Avoid charging the trip on your credit card. Start setting money aside now.
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