Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, December 15, 1993 TAG: 9312150011
SECTION: CURRENT PAGE: NRV-3 EDITION: NEW RIVER VALLEY
SOURCE: By Joanne Anderson staff writer
DATELINE: CHRISTIANSBURG LENGTH: Medium
"People spend more than they can afford for a number of reasons," she explained. And no income level is exempt from overspending.
Many parents on welfare actually exercise reasonable financial restraint, according to Mayton, because they are used to budgeting.
Some of the most vulnerable are single-parent families with small children and middle class families who have experienced a drop in income.
Excessive holiday spending also occurs where alcohol or drug abuse is present. It can be a parent's way of making up for other problems.
No one likes the word "budget," concedes home economist Mayton, but it's the best way to control holiday spending.
The first step in creating a budget is to make two lists: one of all the people you plan to buy presents for and the second of other holiday expenses. "We emphasize doing things for people in place of buying gifts," explained Mayton. "Many older folks would just love to ride around town to see the decorations, or go for an afternoon drive in the country. Services like babysitting, shoveling snow and housecleaning are great gifts."
Next to each person's name, write an appropriate gift idea and approximate dollar cost. When this is complete, add up the dollar amount.
The second list includes other holiday expenses, such as decorations, food, eating out for a special holiday occasion. When you have written down everything you can think of, add it up.
Add the totals from the two lists and then ask: Can you afford it? Where will the money come from in December? In January? In February? Still paying in March?
This is the time to go back over each list, cutting wherever you can to match the amount of money you have in cash and can afford to carry on credit. "Generally speaking, credit cards should be reserved for purchasing long use, durable goods," Mayton advises. "People shouldn't be paying for toys long after they're broken."
Parents can involve their children by asking them what's most important and why they want it. Is it something they truly want? Or just something a friend has?
Ask young children "If Santa has room for just one present, which one would you want most?" And make sure teen-agers have a reality check on their wish list.
Some things on this year's Christmas list may be postponed to next year and purchased on a layaway plan, starting as early in the year as you can afford.
If you do find yourself with more bills in your mail than money in your wallet, and want some counseling, you can contact your county extension service.
The personal counseling is free. What they offer, Mayton stated, is financial counseling and assistance in setting priorities and examining alternatives.
The extension staff can help you to help yourself. Positive results often include changing spending habits and developing a financial plan that identifies problems and prospective solutions.
more information, call the following extension offices:
\ Floyd County:
\ Montgomery County:
\ Giles County:
\ Pulaski County:
by CNB