Deck the halls without breaking the bank

Published Dec. 11, 2012
By Airman 1st Class Stephanie Ashley
s

MINOT AIR FORCE BASE, N.D. -- 'Tis the season for gathering with friends and family, exchanging gifts and celebrating various holiday traditions, but for some it can also be a time for overspending and buyer's remorse.

According to Cheryl Vedvig, the Airman and Family Readiness Center's community readiness consultant, the main pitfall for Airmen during the holiday season is spending money they don't have.

Vedvig elaborated by saying, "whether it's through credit card usage or misuse of funds in their bank accounts, overspending can lead Airmen into a huge holiday deficit."

She went on to state the first steps Airmen need to take to avoid going into debt this time of year, is to find out what their overall Holiday budget is and take steps to work within those guidelines.

Keeping a strict Holiday budget can be accomplished by making separate lists for everyone an individual will be buying gifts for and setting price limits, Vedvig added.

The following are tips and techniques suggested by the A&FRC for a cost-effective celebration this holiday season:

· Use cash when making purchases as it will prompt you to think twice before buying and you can physically see your funds decreasing.

· Compare prices at various stores and online before purchasing a particular item.

· Buying online can save money on shipping fees when sending gifts to individuals who live far away.

· Plan ahead for next year by purchasing gifts ahead of time during after the holiday sales.

· Place items on layaway or pay them off over time using a payment plan.

· Give group gifts such as a toy that can be shared among multiple siblings or something that can be used by more than one spouse.

· Make gifts by hand. Not only can this be cost effective, but it adds a personal touch.

· Swap names and play gift giving games rather than buying an item for each family member or friend.

· Start a bank account for next year that is dedicated specifically to holiday funds.

· Host a holiday party for friends and family rather than exchanging gifts.

With steps like these, Airmen can greatly reduce their risk of overspending this year. For this upcoming year, the A&FRC will be starting new programs which can teach Airmen about financial responsibility.

"February 25 through March 2, the A&FRC will be starting the "Military Saves" campaign," said Vedvig. "It will be a time for Airmen to learn how to set good savings and investing goals for 2013."

For more information regarding holiday spending or to meet with a consultant and create a personalized savings plan, contact the A&FRC at 723-3950.