15 tips to reduce Christmas debt hangovers

Oh you better watch out, you better not swipe, you better not flaunt your shiny new card. Christmas spending is coming to town.

Ok, ok, so I’m not the best songwriter in town. :p But the fact is, most of us do have hangovers come January – the kind that make it so hard to go to the bank to pay our credit card bills when Jingle bells no longer chime.

The spendmaster in me talks like a well-meaning conscience: Oh come on, it’s Christmas! What else do you work hard for? The children need the memories, the magic, the gifts, and the ambiance! You can always pay for all the expenses next year. (Voice becoming shrill and high-pitched towards the end of the argument.)

(Photo credit: AFP)

Oh, that warm, fuzzy feeling that Christmas brings. I am a wild Christmas child myself. When November rolls by, I still feel like a child anticipating the magic of the season. That’s why, I know I need control to avoid Christmas consumerism. I’ve been “starting over in January” every year for the last 10 years. I know that won’t be much fun if I find myself still starting over in January of my 50th year.

So here are 15 tips for a pocket-friendly Christmas that are guaranteed to make our holidays (and the months after) merrier.

1. Set a budget. Before going to the malls and bazaars, sit down first and determine how much money you can afford to spend. 
2. Make a gift list. Create three lists: family, friends and work contacts (officemates, clients, suppliers). See which ones you would like to give a gift to, and which ones can benefit from a simple yet sincere Christmas card. 
3. Determine an amount for gifts. From your budget, set aside a total amount for gifts. Don’t go overboard.
4. Set aside money for celebration. Kris kringle, exchange gifts, potluck parties, and Noche Buena costs have to be budgeted too. 
5. Consider giving group gifts. For instance, instead of giving small gifts to the accounting personnel you always transact with, give a whole bilao of pancit they can have for merienda. 
6. Go homemade. Give gifts a personal touch by making them yourself. You can do scrapbooks, photo mosaics, and other craft items. Or whip up something yummy in your kitchen, like cookies, paté, and cakes. 
7. Try shopping online. You will save time, effort, and parking fees if you do your shopping online. 
8. Hit the bazaars early. Good unique finds that are affordable can be had at village bazaars and tiangges. 
9. Buy supplies in bulk. Gift wrapping paper, scotch tape, ribbons, boxes, and gift cards can all be bought in bulk at one time. You’ll get a better price too. 
10. Choose affordable party venues. 
11. Look out for sales. 
12. Pay your bills on time. In the rush of the season, people tend to overlook their bills. Pay them on time to avoid interest charges and late payment fees.
13. Keep it simple. From gifts to celebrations, you don’t have to overspend to impress. 
14. Give to others. Make time to give to those who cannot give back, such as people affected by the recent typhoon, children in orphanages, or senior citizens in homes for the aged. 
15. Plan for next year’s Christmas. To avoid the financial stress, start saving for Christmas expenses in January. If you save a little amount every month for Christmas, you’ll be stress-free next holiday season.

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