ST. LOUIS — The holiday shopping spree is here -- from Black Friday to Cyber Monday and even Christmas Eve. We talked to Jill Sachs of Sachs Wealth Management for some reminders and fresh tips on how to not go into debt.
Start with mindfulness.
Before you start shopping, think about what's important to you during the holidays, says Sachs. "What are your values?" she asks. "Is it going to be better for you to have spent money or is going to be better for you to have spent more time thinking about what you want for your friends and family? How can you let people know that you're thinking about them without overspending on them?"
Think of themes.
Sachs says setting parameters so that everyone in the family can be on the same page. She says you can think of something you want, something you need, something to wear, and something to read. "You don't have to overspend," says Sachs. "Something to wear could be socks."
Make a list and stick to it.
"Don't go unprepared," says Sachs. "Impulse buys are really probably what pushes a lot of people over the edge. If you know what you're getting for each person and you have a budget for each person, then you probably are less likely to overspend."
Think about experience gifts.
Sometimes the gift of an experience can also stave off costs, as well. "If you know that you want to take them to Six Flags in the summer, you can defer that cost until six months from now."
Consider homemade items as gifts.
"We have a friend who makes her Italian grandmother's pasta sauce for all of her friends and neighbors every year and writes a really nice note and puts it in a cute little bag," said Sachs. She says her friend not only feels like she's given to a lot of people, but she also knocks it all out in one shot when she makes a giant pot in her kitchen every year.