Posted by André Nosalsky :: November 8, 2007 @ 10:14 am

With the holidays, and black Friday, only weeks away, it is a good time to plan out your Holiday spending so that you don’t end up being a compulsive spender or end up with credit card debt you can’t handle.

Here are six tips for Holiday spending:

1. Determine how much money you have and are willing to spend – Figure out how much cash in the bank you actually have, how much you will allocate to holiday gifts, and how much you may have to borrow.

2. Make a list of everybody you are shopping for – Doing this will save you time, money and clear your mind to focus on the actual shopping instead of trying to remember if you forgot anybody. If you wish to be fair, divide the number from #1 by the number of people on your list.

3. Add your budget to each person – Adding a target price and maximum price to each person will ensure that you stay within budget and that your emotions will not take over when you see something really appealing. For example: Aunt Mary: Target $50 Max $75

4. Shred the convenience checks – This should be done as soon as they arrive, because the interest rates on the credit card convenience checks are usually the same as cash advances, which are sky high. If you need extra money, consider getting a p2p loan through Lending Club.

5. Shop online – Starting early and shopping online, you have all the time you need to comparison shop and find the lowest prices. Using sites like Shopping.com and Google Products, you can quickly compare prices from many different stores.

6. Give sentimental presents –Would sending a $25 framed picture of yourself and your dog to your Grandmother mean more to her than buying a $100 gadget? Probably! Run down your list and see if you can send something that’s more sentimental and cheaper than just a product with no emotional appeal. Better yet, homemade gifts are always appreciated due to the effort that goes into making them.

The above six tips will put you on the right track to having a Holiday season that will not break the bank. You can also use this worksheet to track your spending for the Holidays.