The economy is taking front and center as the biggest news story of the year and its particularly telling this Christmas season. A lot of people are cutting back on their expenses this holiday season keeping their costs down. I will be one of those people who are spending less this year but its not as a result of the economy. My finances will be playing catch up for a few months, the good thing is that my new job will help me get caught up. This is the main reason for lowered spending for me; there is simply not as much money available.
One thing the economy is impacting me is the fact that I won’t place any Christmas expense on credit cards. I am trying to keep my costs as low as possible for the next few months and spending on my credit card won’t help me at all. The economy has solidified my belief that credit cards shouldn’t be used if you can’t afford to spend the money. This type of overextending yourself financially is something that has gotten me and a great many people into financial trouble over the years.
Here are a few things that we’ll be doing to keep costs down this Christmas:
- Setting limits on gifts (quantity and price)
- Planning who to actually buy gifts for
- Letting people know we’re spending less (hopefully this can lower gift expectations)
- Finding alternatives to expansive items
Are you cutting costs this holiday season? Do you have any suggestions for spending less this Christmas? (I’m still having issues with the comments on this blog – email me you suggestions at email@example.com and I’ll post them as updates to this post)