You've seen the green-and-red peeking out between the Halloween decorations and you're already starting to fret. There's a little over seven weeks before the December holidays, and you haven't saved a penny for gifts or entertaining.
If racking up more debt with your credit cards doesn't sound like much of a way to celebrate, the solution may be an austerity plan. For instance, if you slash $65 a week from your regular spending, you could have $500 to spend on the holidays.
Sound like a possibility?
Money management experts say such drastic measures are not the best way to plan for the holidays. "Do you want to go through the process of self-deprivation in order to make this work?" asked Bruce McClary, a financial educator and spokesman for Clearpoint Credit Counseling Solutions. It would be far easier to cut back the guest list for the holiday bash or find ways to give gifts that don't come from a store, he said.