Created: 11/13/2008 7:03:53 AM 
Greensboro, NC - The average family spends $3,000 on holiday gifts, even when they cannot afford it. Spending money you don't have is the fastest way to get yourself into some unneeded debt.
Experts estimate, it takes the average family 6 to 8 months to pay off that debt.
WFMY News 2's Tracey McCain helps you start off the shopping season off right with a few tips on how to stay within budget this holiday.
Click to the video to the right to hear advice from credit counselor Johnnie Vineyard and check out the tips below.
1. Write down the names of everyone on your mental Christmas/holiday list. Make a list that prioritizes those who need gifts. For parents this means kids come first, then spouse etc. Decide on what those people want and/or need and start from there.
2. Cross off the names of anyone for whom you don't absolutely have to buy a gift.
3. Decide how much money you can afford to spend.
4. Decide how much you want to spend on each person and write that amount next to his or her name.
5. Add up all the per-person amounts and make sure the total does not exceed the amount you've allotted yourself to spend.
6. Take that much money (plus $20 for things like sales tax, lunch and parking) out of your bank.
7. Leave your credit cards and ATM cards at home. This way you won't have to exercise restraint or resist buying something for yourself.
8. Ask for a free gift box and tissue whenever you buy something.
9. Take advantage of free gift-wrapping whenever it is offered.
10. Kick off your Christmas budget plan in January. Not only will you be able to take advantage of post-holiday sales, but you'll have all year to make your spending plan work.
11. Squirrel your money away month by month. Open a Christmas Club account or have your bank or credit union regularly transfer a designated amount (such as $25 or $50) into a dedicated savings account. Setting up an auto-transfer after each paycheck makes it easy.
12. Focus on the most expensive gifts first, and then search around. The high priced gifts should be purchased after careful shopping, ensuring that the best price was found and enough monies have been saved to make the purchase.
13. Do your Christmas shopping year-round. Take a master shopping list with you wherever you go. Include the recipient's name, a gift idea and a price range.
14. Do your homework online. Even if you don't actually buy the gift on the Internet, you can comparison-shop while sniffing out the best deals. Then visit the store with the best price. Start buying a few gifts with each paycheck from here out. It is amazing how quickly this will take care of that Christmas list and how easier it will be to enjoy the holiday season.
15. Seek out online deals. Sometimes major stores offer discounts on online purchases. Check out Web sites regularly, as prices and offers change often during the weeks leading up to Christmas.
16. Go the homemade route. Don't be afraid to make some crafts or cookies for some gifts. People really do enjoy homemade gifts as it signals a willingness to take the time for their gift. Search online for inexpensive craft ideas. Elegant crafts designs can be custom made to the décor of the intended recipients for less than five dollars each.
17. Take advantage of after season sales all year long. Many items can be purchased for the next year for as much as 70% off.
WFMY News 2
