Yes, you’re just getting over the frenzy of making Halloween costumes and preparing to dole out candy to neighbor kids, but it won’t be long before the next set of holidays is upon us. Travel, gifts, food and parties—these can make the holidays festive…and costly. If you’re concerned about holding down expenses at this difficult time of the year, here are some tips that may help:

1. Plan first. Shopping without a plan can cause panic which often results in expensive, often poorly thought out purchases. Before you start, know: how much can I really spend this year? Create a list of gift recipients, draft a budget and stick to it. Resist the urge to splurge.
2. It’s never too early or too late to start saving. Putting aside a little from each paycheck adds up. Even if you can’t save all that you’ll need to spend, any expense that doesn’t get put on a high-interest credit card will help keep costs down.
3. Keep an eye online. There are lots of websites that monitor retailers, notifying readers of deals, coupons, price cuts and offloads. You can find “refurbished” items which often have the same warranty as the new, and “returns” which may never have been used or worn. Check sites like shopzilla.com, SlickDeals.net, nobetterdeal.com or pricegrabber.com.
4.  Spend strategically. If you have a home equity loan or line of credit with a low interest rate, tapping those funds could save you hundreds of dollars in interest over using a high-interest credit card. Another reason to use home equity loan funds? The interest on your home equity loan may be tax deductible: consult with your tax advisor. If you must use your credit cards, you may want to determine which card is best—the lowest interest rate? The one with rewards?
5. Give events or opportunities rather than objects. Can you teach someone to make a perfect pie crust, repair a bicycle, create a scrapbook or cook Thai food? Does your work provide low-cost tickets to games or movies that you’re allowed to re-gift? Often these treats are far better received than an object which the recipient must find space (or a use!) for.

If you have ideas of ways to save money at holiday time, we’d love to hear them. Please share your thoughts in the comments or send them to us at news@ghcu.com!

Filed under: Money management tips by Shannon