Three Tips for Holiday Spending

If your outgo is more than your income, your upkeep will be your downfall. --- Unknown

It's the time of year when many spend on others ... and themselves. Without self-restraint, the January bills can be a downer.

Through The Years
Since the days when you could say "Merry Christmas" without offending anyone, we've celebrated the special, joyous holiday season. Good will towards all. We had a tree and presents.

In the early 1980s, I started celebrated Boxing Day instead. At Sam The Record Man where everything was on sale. And stereo equipment stores. Remember these were the days before VCRs, computers and even audio CDs.

Nowadays, even Boxing Day has lost its charm. Retailers like Best Buy and Future Shop start their sales online on December 25th. Boxing Day sales start at crazy times like 7am --- with lineups!

Lessons Learned
Here are three tips to deal with overspending:

1. Know your prices
2. Know your limits
3. Delay opening impulse buys

Know Your Prices
Big ads and long lines don't mean big savings. If you don't know the regular selling prices, you could overpay for an item on "sale". Last year, I indulged in a GPS navigation system. I started researching in the fall and monitoring prices. Prices dipped lowest in late November/early December. That's when I bought. On Boxing Day and beyond, discounts off the normal prices were smaller. On Boxing Day, I saw brands I'd never seen before or since. Retailers must bring in items they didn't normally stock just to mark them down for unwary customers.

Know Your Limits
Naturally, buying is easier than paying. It helps to know how much you can afford before you go shopping. Some items decrease in price or improve in quality. Computers, for example. You can benefit by waiting.

Impulse Byes
If you bought an item on impulse, wait 48 hours before opening the package (assuming it won't go bad, you have self-control, and it's returnable). You can pretend you bought online and are waiting for delivery. If you lose interest, return the item. This works very well for me. Right now, here's what's going back unopened: car DC-to-AC converter, aluminum computer case and a backpack. They may soon be joined by a LED flashlight you can recharge by winding up. The following passed the wait: nonstick cookware, vacuum cleaner. They were worth the wait.

Other Tips
Read other posts on holiday spending from the Canadian Tour of Personal Finance Blogs.

Life on the Road: The Canadian Tour of Personal Finance Blogs Returns

When you're riding sixteen hours
and there's nothing much to do
And you don't feel much like riding,
you just wish the trip was through.
--- Bob Seger, Turn The Page

Life's tough on the road even when you're a big rock star with an entourage. Imagine the plight of a personal finance blogger --- in Canada. No personal jet. Not even a tour bus. Instead, we travel in cyberspace. Here's the good news for you: admission is free. You simply visit one of the sites on the tour and follow the links to the other "performers".

The organizer, Monty Loree of Canadian-Money-Advisor.ca has suggested a timely theme: views on holiday spending as it relates to personal finance. Drop by on Tuesday November 27 and see the results.

And these towns all look the same.
We just pass the time in our hotel rooms
And wander 'round backstage.
Till those lights come up and we hear that crowd
And we remember why we came
--- Jackson Browne, The Load Out/Stay

Attention Bloggers
Do you write about Canadian personal finances? How about joining the joining the tour, here's the registration page.