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B. in Dallas asked: Please share any tips for how to set a
holiday-shopping budget that is mindful of an individual’s financial situation.
What factors should be considered when developing - and staying within - this
budget. Also, what are some creative ways to save money when gift giving this
year?

Ms. Cunningham answered: Do what Santa does…make a list and check it
twice!

Setting a budget for Christmas shopping is vital. Otherwise, you’ll get
caught up in the moment and let emotions rule. Don’t forget to include money for
decorations, holiday parties, long-distance calls, travel, and donations to
charities.

It is estimated that the average consumer will spend close to $800 this
holiday season. If he’d saved $20 per week this year from January through
October, he’d be able to have a debt-free holiday shopping season. That’s the
best gift to himself!

reemi asked: We are still paying off last X-mas, and I want to cut
back this year. Any suggestions on how to tell the kids? We have $25K in credit
card debt, and I’m sick of it.Â

Ms. Cunningham answered: You are not alone. Consumer debt in America
grows each month. You are so smart not to add to your existing debt load by
over-shopping during the holiday season.

Memories are made by creating traditions, and looking forward to them each
year. Few people can remember what they received for Christmas even last year,
but they can tell you off the top of their head about baking cookies with
grandma each year.

I think you get my point - you can’t buy happiness, even though the
advertisers don’t want us to know that!

Another neat idea is to adopt a family less fortunate that yours. Even though
what you’re doing this year may feel like a scaled back version of Christmas, by
comparison you may see that it’s comparatively grand.

You ask how to tell the kids? I’d put a positive spin on this. After all,
less is often more. I think on December 26th you’ll agree

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