10 Tips to keeping spending within your means OAK RIDGE - The holidays are a time for family, friends, traditions and creating memories. It’s also a time for some people to agonize over their holiday spending. Not only are there gifts to buy, but there are additional expenses such as food, clothes, entertainment, decorations and travel. Unfortunately, a majority of Americans don’t plan ahead for these holiday expenses and end up racking up their credit cards, making January a not-so-great start to the year when those bills come in. Sometimes, it can take people more than six months to pay off their holiday debt. According to the National Retail Federation’s holiday spending survey, consumers plan to spend approximately $791 on average over the holidays, which is up from $738 last year. This year’s holiday spending is estimated to reach $457.4 billion. It’s possible to enjoy a debt-free holiday season, and it’s the best present you can give yourself and your family. Local resident Richard Gopin, a Certified Financial Planner who has run his own financial practice since 1990, offers these 10 tips to help you stretch your holiday budget this season and plan for the coming year. 1. Create a holiday budget. Start off by thinking about how much you can realistically spend. Next, make a list of everything you plan to buy. Remember to think about every possible expense, even down to the postage for holiday cards. 2. Consider a gift exchange. Many large families organize gift exchanges where each person is assigned one family member. This alleviates the stress of having to buy a gift for everyone. Remember to set a gift limit. Another idea is to just shop for the kids in the family. 3. Make a list and check it twice. Think about everybody you’d like to buy a gift for and decide on a maximum dollar limit for each person. This will help you to prioritize your gifts. Maybe you’ll decide you don’t have enough money in your budget to buy gifts for co-workers this year. 4. Track your spending. As the holidays progress, keep a running tab on what you’ve spent so far. This is the only way you’ll know if you’re staying within your budget. 5. Shop early and bring your list. Having your list while you shop will help avoid making impulse purchases. Also, try to avoid buying anything for yourself, as tempting as it may be, unless you’ve allotted for this in your budget. Remember to shop early enough to comparison shop. Ideally you’ve been buying gifts all year long. 6. Buy in bulk. We’ve all had a situation where we needed to buy a last minute gift. Maybe you forgot to add someone to your list. A good way to avoid this situation is to buy some extra gifts in bulk. Many times there will be a cost savings when buying multiple items. 7. Be a smart shopper. Two words can sum this up comparison shop. By starting your shopping early, you’ll have time to search the Internet, catalogs and advertisements for the best buys. Be sure to pay close attention to markdowns and sale prices. It’s a good idea to take the actual ad with you. Make sure you ask about free gift wrap. Many stores offer this as an added incentive to buy. 8. Shop the Web. More and more Americans are shopping online. Most major stores have Web sites, making it that much easier for you to browse all of your options. Stores will often offer free shipping. Just remember to purchase early so your gifts arrive on time. 9. Use credit cards sensibly. If at all possible, shop with cash so you’re not tempted to charge. You’re more likely to overspend when paying with credit instead of cash. If you must charge your purchases, try to use a card with a low interest rate or, better yet, pay off the balance immediately. Also, think twice before opening an account with a store. They may offer you a one-time discount, but the interest rate is usually much higher on store credit cards. Be sure to track all of your charged purchases in your budget. You should have the mindset that it’s just like paying with cash because you no longer have that money. 10. Get ready for next year. Take advantage of post holiday sales. You can find great deals on decorations and other holiday items. Another idea is to open a holiday savings account that you can contribute to regularly, so you’re prepared for next season. Saving money and watching your spending shouldn’t just be a priority during the holidays. It’s important to create good savings habits all yearlong. A qualified professional can help you develop a plan to achieve your overall financial and savings goals.