Cutting Back on the Holidays? Take a Traditional Approach

CHICAGO, Oct. 29 /PRNewswire-USNewswire/ -- If you're among the 65 percent of Americans planning to cut back on holiday spending as reported in a new Consumer Reports Holiday Shopping Poll, the Illinois CPA Society suggests taking a traditional approach to the season. Retailers are putting an old-fashioned spin on the holidays with comforting traditions like red and green decorations and resurrecting old ideas like layaways and Christmas Clubs. Give some thought to using these programs and add a few time-tested ideas of your own to make the holiday enjoyable and affordable.

    --  It's the most wonderful time of the year, so plan ahead for it. Once
        popular Christmas Club accounts are making a comeback. For those
        unfamiliar with the concept, Christmas Clubs, usually at local banks,
        offered a special savings account on which you earned a little interest
        before you withdrew the money for holiday shopping. Check out the
        details of new variations on the idea, like Christmas Club Cards offered
        by retailers or see if this type of account is offered though your
        credit union.
    --  Bring things home for the holidays (but not before you pay them).
        Consider using layaway programs being reintroduced by retailers. Layaway
        programs allow you to put aside items and pay for them in installments
        usually without charging interest. Just the opposite of a credit card,
        merchandise is held until it's paid for in full. Do check the details
        for each purchase; terms may vary from store to store.
    --  Make a list and check it twice.  Making a list and sticking to it is an
        old and obvious idea but it really helps to control costs. Decide in
        advance who's getting a gift and exactly how much you plan on spending.
        Don't stray from the amounts or add people to the list later. Break the
        habit of holiday shopping sprees - no impulse purchases or splurges -
        just what's on the list.
    --  Deck the halls with anything you can find in and around the house.
        There's no need to spend money each year on more decorations - use the
        old ones or items grandma and grandpa no longer need.  Get creative;
        make it a family project to see how you can decorate with things you
        already have on hand. Scour your memory for old craft projects like the
        paper snowflakes you made as a kid. Use photos as ornaments, make
        popcorn garlands or paint pinecones from the yard.
    --  Let it Snow - stay close to home. Avoid costly special events; limit
        travel and check out local no cost events like tree lighting ceremonies
        or community band concerts. Don't accept every invitation for a special
        night out to celebrate the season and break your budget by feeling the
        need to keep up with everybody. Entertain simply at home; dinners can be
        potluck, progressive, or organized so family and friends each bring
        their homemade specialties to cover different parts of the meal.

    --  For Happy Holidays, when you do spend, spend wisely. Take advantage of
        the deals being offered to consumers in tough times. These are
        incentives to spend so chose wisely, but look for holiday specials at
        stores, restaurants and other venues. There are many opportunities to
        save such as buy one get one free, door buster specials, coupons for
        additional discounts, free shipping, or getting five $25 gift
        certificates for the price of four. Also "cash in" bonus points
        accumulated on some credit cards to buy gift cards, a no-cost way to
        fund holiday gift giving.

About the Illinois CPA Society The Illinois CPA Society, founded in 1903, is the fifth largest state CPA Society in the nation, with more than 24,000 members. It is the premier professional organization that represents CPAs in Illinois. During its over 100 years of existence, the Society has advanced the highest ethical and financial standards of the profession, and has been a leader in educating the public on financial issues.

SOURCE Illinois CPA Society

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