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Financial survival for the holidays

It's the holidays, and time to indulge in our favorite seasonal rituals—decorating, cooking, entertaining and family celebrations. And that most popular (and expensive) holiday activity of all—shopping!

According to Kathryn Crumpton of Aurora Family Service's Consumer Credit Counseling Service, that's the holiday tradition that lands many of us in financial hot water come January. “Even smart shoppers somehow feel that they can suspend the rules and go a little wild this time of year,” says Crumpton. “That's why January and February are our busiest months for credit counseling services. Bills come in and people realize it's going to take them months to recover from their December splurges.” You can prevent the January credit hangover by developing a shopping strategy in advance and sticking to it. CCCS offers the following tips to ensure a happy holiday and a prosperous new year:

Make a plan. List all holiday-related expenses, including gifts, entertaining, mailing and travel. If the total is more than you can afford to spend (not charge), look for areas to trim expenses.

Evaluate your gift list. Set priorities and limit gift-giving to family and close friends, depending on your budget, and set an amount you want to spend on each person. Remember that the most meaningful gifts may cost the least; give of your time or skill, such as crafts, cooking or a handwritten note.

Shop smart. Shopping under pressure leads to overspending. Allow enough time to comparison shop and search for the best deal.

Use credit wisely. If you must use credit, limit your purchases to one or two cards with the lowest interest rates, and don't charge more than you can repay within three months.

Avoid temptation. Those “little extras” can add up. Stick to your shopping list and avoid “recreational shopping.” Plan entertainment outings that don't involve trips to the mall.

Financial consultation from Consumer Credit Counseling Service is one of the benefits of your EAP. If you need help with a holiday budget or getting a handle on your past debts, call your EAP at (414) 257-2124 or 1-800-236-3231.