Make a Spending Plan, and Follow that Budget
Jan Brakefield, assistant professor of consumer sciences, offers tips to follow during the holiday shopping season.
- Make a spending plan, and stick to it.
- Shop early, before Thanksgiving. Eliminates last-minute panic buying.
- Be prepared each time you leave home to shop. Carry a list of who you are buying for and how much you can spend. Be specific. Get agreements from family members.
- Pay cash. Credit card users typically spend twice as much money as others.
- Use the “envelope method.” Prepare one envelope per person, placing money in each envelope. When the envelope is empty, you are finished buying for that person.
- Shop when you have lots of energy.
- Shop with a buddy, or not … a buddy may encourage you to splurge, so choose carefully.
- Ask sales staff about upcoming discounts. They will usually tell you, but won’t offer the information unless you ask.
- DON’T buy anything for yourself!
- Write the size of your total consumer debt at the top of your shopping list. Reality check!
Brakefield can be reached at 205/348-8722, or email@example.com.