News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Christmas commonly means an increase in shopping and traveling for some Upper Cumberland residents. With the increase in expenditures, people can begin to manage their spending this Christmas season.
April Martin from the at UT Extension Office in Dekalb said people can pay for Christmas with little to no debt.
“First I tell people, think about what you did last year and who you bought gifts for. Was there anyone you left out? Did you use your credit card too much?” Martin said. “Did you spend more than you expected? And then make a list of everybody that you want them to receive a gift.”
Martin said keeping a running list of expenditures helps to cut down on unexpected spending.
“I always like to divide my list of expenses into necessary items, or things that I truly need, and then things that are wants, that are not really totally necessary,” Martin said. “For example, gasoline is a needed expense for traveling but eating at restaurants while on the road is an extra expense that can be avoided.”
Martin said consumers should attempt to stay away from credit cards as well.
“Paying with cash is going to help you avoid unexpected spending. You know people do use credit cards, but you just have to be extremely careful with those,” Martin said. “Because that’s where a lot of our debt comes at Christmas time and a lot of other holidays. So when you do use a credit card, keep track of what you are spending.”
Martin said when buying gifts, using layaway services and reviewing store advertisements can cut down on credit card use.
“And I have gotten to where I like to make more things homemade for people in gift-giving. And it can be baked goods, it could be some type of jewelry, something like that,” Martin said. “I have found that it actually means more to the person actually anyway. And that’s going to save you quite a bit of money.”
Martin said opening a Christmas Club account with a bank or credit union can help people save for Christmas as well.
“That’s one of the best things I did several years ago. And it can just be a regular savings account,” Martin said. “But the way the Christmas Clubs work is so much is taken out of your checking account each month. Then around October, November all that money is deposited into your checking account. And you saved up all year long.”
Martin said people can also cut down on spending by using reusable plates and utensils and reusing old gift wrapping supplies.
