Financing the holidays: Don’t break the bank on gifts Published Nov. 21, 2014 By Kimberly Woodruff Staff Writer TINKER AIR FORCE BASE, Okla. -- How much did you spend on the perfect Christmas last year? When you add up the gifts, decorations, wrapping paper, lighting, entertaining, food, travel, holiday cards and postage, the actual number can be astonishing. "Holidays are a time for friends and family to enjoy each other's company and celebrate," said Cathy Rosner, a personal finance manager with the Airman and Family Readiness Center. "Even though this can be a joyful time of year, the pressure to spend, expectations to please and financial constraints cause stress." This year, celebrate the season without suffering sticker shock and going into debt. Consider these tips on how to create and stick to an affordable holiday budget. Get organized and set a budget A budget doesn't have to be a bad thing, so before spending another penny, sit down and create a realistic rundown of your expenses so you can determine what you can afford to spend. Ms. Rosner advises listing all regular monthly expenses, such as rent or mortgage, utilities, car payments, gasoline, medical bills and groceries and subtract those expenses from your income. What do you have to buy? And what could you scratch off the list for this year? Sticking to your budget Writing numbers down is usually the easy part -- sticking to that budget is what's so hard. Here are some ideas to help. Remember; don't let your emotions take over your plan. · Rethink your gift list and set expectations. Talk with your family and friends about ways you can cut back on the amount of money you each spend on gifts this year. · Give gifts of your time to get together for coffee or a movie matinee, or an evening of babysitting. · Give gifts from the kitchen--bake cookies, a cake or fudge to share. · Give of yourself--Share a talent and give a homemade gift. · Draw names in the family so each person need only purchase one gift instead of several gifts, and everyone receives something. · Buying a family gift such as a board game or a special desert. · Remember: You really can't buy memories -- you make them. · Simplify your entertaining plans. Instead of a large party, host a small cheese or appetizer party or a potluck or cookie swap where everyone brings something to share. · Make lists and do your shopping as early as possible. Make a master list of everything you need to buy and start comparison shopping as soon as possible. Don't forget to calculate shipping costs when you're shopping online. Don't rush or wait until the last minute, you will spend more. · Take advantage of your military benefits. Shop at the commissary for holiday party supplies and visit the exchange for great deals on gifts for the entire family. Be sure to ask about military discounts in civilian stores or when attending special holiday events. · Pay with cash. Research shows that people spend less money when they're carrying cash instead of credit cards. Consider withdrawing your entire holiday budget and divvy it up among labeled envelopes for each holiday category. Keep the envelopes in a safe place at home rather than storing them in your wallet or purse. Ms. Rosner warns that overspending on credit cards can get you into huge financial trouble very quickly, especially if any unforeseen financial setbacks arise, such as job loss, property damage or a serious illness or injury. If you already have outstanding credit card debt, avoid using your credit cards. "The holidays can be a very stressful time, especially when you're concerned about money," said Ms. Rosner. "It can be especially so if you don't feel like you have enough money to provide a memorable holiday for your loved ones." Lastly, don't shop for yourself. A lot of people get caught up in the pretty packaging this time of year and end up buying one for sister and one for me. If you want a personal spending plan, remember that the Airman and Family Readiness Center is here to help. Call 739-2747 to schedule a personal appointment.