Cutting Back on the Holidays? Take a Traditional Approach

The Illinois CPA Society suggests a little old fashioned thinking could save
you money

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

Judi Kulm, Communications/Media Manager, Illinois CPA Society, +1-312-993-0407
ext. 251, kulmj@icpas.org