And whether you have a limited budget or are in a financial fix, sticking to a budget is not the only way you can save. Here are some tips to help you stretch your holiday dollar.
manage holiday finances
1- Use the grace period credit card companies offer
Many credit card companies offer their clients a grace period -- about 25 days in which you can pay your credit card bill without paying a finance charge (verify that with your credit card company). Likewise, you can make arrangements to pay off your holiday shopping over one or two pay periods. You'll be charged the interest nonetheless, but it's a nice compromise between being cheap and going broke, if you just can't say no to the big-ticket items.2- Consolidate your debt
If your credit card company charges a high interest rate and you know you won't be able to pay off your holiday shopping bill in 30 days, you can either shop for a personal loan (which will still cost you some interest) or find a new credit card with a low introductory rate that you can take advantage of while you're paying down your holiday debt. Of course, these aren't perfect options -- you'll still pay more in the long run -- but by planning ahead you'll save yourself a very unpleasant bill to start the New Year.3- Pay cash
The great virtue of cash is that you can't spend what you don't have. If you really want to stick to a budget, cash is king. Set your budget, take out the cash you need, and shop away.keep costs down while shopping
4- Shop online
Aside from free shipping and a possible sales tax savings, shopping online can help in two other ways. You don't need to find parking and you can easily compare prices. But the real online savings comes by using retail codes online; many stores offer incentive deals to online customers. To get the deal, which saves you between 10% and 50%, you need the code. Stores usually offer it to online shoppers in a mailing, but you can also head to sites like DealHunting.com to get your rebate coupons. And by staying out of stores, you'll be able to resist the temptation of shopping for yourself (more on that later).5- Buy many inexpensive gifts
Giving out a number of less expensive gifts to one person can be cheaper than buying one present, but you do need to ensure that the gifts are useful. Baskets work best for mothers and sisters (girlfriends and wives tend to expect more grandiose presents). Pick out soaps, candles, perfumes, and lip gloss, put them in a nice basket, and you'll make any woman very happy.6- Use your frequent flyer rewards
Frequent flyer miles can be used for trips, but they can also be used to redeem gifts from a catalog. Items like electronics, cigars and perfume are available for redemption. And if you don't want to redeem your miles, then why not earn some extra ones by using your card?7- Pool your resources
For some people, it's perfectly acceptable to join forces and split the cost of a gift. For example, get your parents a high-end gift by pooling your money with your siblings. An espresso machine beats out slippers any day of the week.8- Shop only for others
It would be nice to buy yourself a present, but time and money are of the essense. Besides, you'll be receiving some Christmas gifts, so hold off until after the holiday. And if you really need that 50-inch plasma, hold out and buy it at a post-Christmas sale.9- Determine if you need gifts for everyone
If you're part of an extended family -- complete with stepsiblings and relatives you rarely see (save for the holidays) -- are you really obligated to buy something for everyone who'll be present? Your best bet is to buy candy for the kids, flowers for the matriarch, and a bottle of wine for dinner.be smart, shop frugal
If you're really strapped for cash this year and only have a few dollars to devote to the people on your list, give the gift of a donation in their name. The beauty of it is that the amount donated need not be disclosed to the recipient of the gift.Ultimately, if you select a gift with care and find something that suits everyone on your list, you'll have a happy holiday and pleasant feelings when you receive your credit card bill come January.
Resources:
http://financialplan.about.com/od/creditcarddebt/a/HolidayHangover_2.htm
http://www.bankrate.com/brm/news/pf/20051111a2.asp
http://www.msnbc.msn.com/id/10293229/
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