If you’ve been shopping in the Washington D.C. Metro area for holiday gifts, you might be feeling a bit stressed out by now! What to buy, where to get it, what to spend – the pressure builds as the calendar winds down! You may find yourself spending too much, too quickly, to cover everyone’s wish list.
With some simple planning, you can make the most of holiday gift giving and protect your financial health at the same time! Consider these great tips from the American Bankers Association:
Plan a budget. Before you start shopping, develop a realistic budget. Consider your income, subtract your monthly expenses, and then add any savings you earmarked for gifts to the remaining cash. Don’t forget costs like postage, gift wrap, decorations, greeting cards, food, travel and charitable contributions.
Stick to your list. Keep your gift list limited to family and close friends, noting how much you want to spend on each. Don’t feel obligated to exchange gifts with everyone! A nice thank-you card is a graceful response.
Spend carefully. Avoid shopping while rushed or under pressure, which can lead to hasty decisions and overspending. Make sure to comparison shop first, or download an app that lets you compare prices before you head to the cash register.
Avoid traps. Finding a spectacular sale on something you’ve been wanting for yourself can throw you off course. Stay strong and stick to your budget. Also, don’t apply for store credit cards you don’t need just to get a one-time discount.
Use credit wisely. Limit the use of credit for holiday spending. If you must use credit, use only one card, preferably the one with the lowest interest rate, and leave the rest at home. Pick a date when you can pay off your holiday credit card bills, and commit to paying off the balance by that time. Be sure to check statements for unauthorized charges and report them immediately.
Save your receipts. Not only will you need them for possible returns, you’ll need them to keep track of what you’ve spent and to compare with your credit card statement. Knowing how much you spent will help you plan for next year, too.
Be creative. Consider simple, hand-made gifts instead of store-bought ones. Send greeting cards or handwritten notes of appreciation for those outside of your list. Home-baked goods and simple, hand-made gifts are what truly exemplify the spirit of the season.
Remember, it’s truly the thought that counts! The most meaningful gifts come from the heart – not the wallet!
If buying or selling a D.C. Metro home is on your wish list, Contact me for the latest home sale statistics, market trends, and the professional guidance you can trust. My team and I deliver the reliable information and high-quality service you deserve!
Wishing you all the best this holiday season,
Melinda Estridge
The Estridge Group-Long & Foster Real Estate, Inc.
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