There are lots of tips being offered at this time of year but you must implement the strategies if you want to get the results. Knowledge is not useful without action so we urge you to implement as many of these ideas as possible to get the maximum positive impact.

1. Decide how much money you can afford to spend (if any) and make it part of your spending plan (budget).
This is the point where you should seriously consider if you can afford to buy gifts this year. Many people feel an obligation to spend money during the holidays but it simply may be something you cannot and should not do based on your financial circumstances. If you find that you don't have the ability to spend money, we have some alternative suggestions coming up.

2. Pay cash, and avoid using your credit cards or borrowing money.

3. Make a plan to buy only one gift per person. Focus on quality over quantity even with children. Buying quality items for children has actually gotten easier to do each year as electronic toys, games, and computers have become more popular with kids. You can justify fewer gifts because each gift, like a computer, can deliver so much more these days...even for adults.

4. Make a shorter list! First of all, make sure you are using a list. Then consider if you are buying on auto-pilot without giving much thought to who is on the list. When was the last time you reviewed that gift list. There is nothing wrong with paring down your list especially in tougher financial years. If you must keep a long list , think of lowering the amount you spend on each person.

5. Watch for sales. It seems the holiday sales start earlier each year and this year is no exception as retailers try to drive traffic into stores. Many people think waiting to the very last minute will garner the best savings but that is not always the best strategy. Often, to get sales moving, retailers like Walmart will start the season with a round of big, special discounts. Also, waiting until the last minute often leads to increased stress and impulse buying which can lead to over spending. The exact opposite of what we are trying to accomplish.

6. Make presents. Can you bake or do crafts? Can you write well or take great photographs? Are you musically talented? With today's computer technology, anyone can record and create CD's. How special would it be if someone wrote and recorded a song just for you? Give needlework, ceramics, framed photographs or craft items.

7. Donate your time as a present. Again, your talents and time are valuable and they might make a better gift than a store bought sweater. Do new parents need a night off from a new baby? Does an elderly relative or friend need rides to the doctor or help cleaning their house? Can you change oil or do other car maintenance? How about giving golf, swimming, or music lessons as a present?

8. Make homemade cards either by hand or with the computer and avoid expensive, fancy wrapping paper. Use bulk postal wrap from the office supply or art supply store. It can be much cheaper and you and the kids can decorate it yourself. As a bonus, it is more environmentally friendly.

9. Cash in bonus points which have accumulated by your using credit cards. Most "points" programs offer redemption for gift cards that can be used at major retailers. You've earned these cards and they make great gifts. Some people build up enough points during the year to get all of their gifts at no extra cost. Far too many people forget all about using these programs and miss a great chance to save lots of money.

10. Carefully plan and shop at post-holiday sales and be sure the prices you are paying are truly discounts. Don't use the lower prices as an excuse to over shop either. Many people buy first and think of something to do with the item later. If you don't have a need right now either personally or as a gift, avoid making the purchase. By the way it is ok to stock up on cards and wrapping paper for next year if you are getting 60%-80% discounts and can afford the purchase.

** Do you need help updating your family budget? Talk to a CACC Credit Counselor toll-free 1-800-763-1874.

Under the Free File Disclosure Rule of the Fair and Accurate Credit Transactions Act (FACT Act), each of the nationwide consumer reporting agencies is required to provide you with a free copy of your credit report once every 12 months, if you request it. To access your free report visit: www.annualcreditreport.com or call 1-877-322-8228.

education@caccdebt.org