Page 18 THE VILLADOM TIMES I • December 12, 2012 Spending tips (continued from previous page) Keep track of spending. Little items here and there can tip you over the top of your budget. Track as you buy so you always have a mental note of where you are in your spending process. Keep those receipts in case a gift recipient needs to make a return or exchange. If you find yourself going over your limit, look at where can you cut back to make up the difference. Think outside the gift-wrapped box. Talk to your loved ones about establishing traditions where the focus is on spending time together, not spending money. Attend a cultural event or volunteer together, draw names for a gift exchange instead of buying gifts for everyone, pool funds and make a donation to a charity you all support, plan a cookie exchange, or host a potluck dinner instead of an expensive sit down meal. Plan how you’ll pay. Ideally, create your budget and stick to it by paying with cash or a debit card. Average purchases using cash/debit cards are about 15 percent less than credit card purchases. If you are like many people who want to accumulate air miles or points on a credit card, be sure you can pay off your bill when it arrives in January. Pay on time and in full to avoid finance charges, late fees, and exorbitant interest rates. Use holiday budgeting as a teachable moment for your children. Include the children in the planning so they learn to prioritize expenditures, evaluate options rationally, and have buy-in on major purchases and charitable giving selections. “Don’t let overspending take the cheer out of your holidays,” said Judith M. Malloy, CPA. “Creating a spending plan and sticking to it can help you start and end the holidays on a happy note, letting you focus on what’s important, which is time with family and friends. That way, you’ll start the New Year feeling confident and in control of your finances.” To find more information on this topic and various personal financial matters, visit the NJSCPA’s public service website at MoneyMattersNJ.com.