Spring Break
Santa's a little hard up this year...
Columnist gives advice on prioritizing holiday spending
Tara Montgomery
Issue date: 12/11/06 Section: Money/Health
While Christmas songs often dub the holiday season as the "most wonderful time of the year," many people find it one of the most stressful. For those lost in a sea of debt, many college students approach each holiday season with hopeful hearts, but empty pockets.
However, with a little research and a little imagination, the average college student can become holiday shopping savvy.
TIP ONE: Prioritize your recipients list
College life exposes students to many new faces, thus many students feel compelled to buy for all these new friends. However, while this is a noble gesture, it is not financially smart. z
So skip out on buying a gift for your RA or lab partner in chemistry. A simple card can be considered a suitable gesture.
"It's tough being a college student in the Christmas season," junior Emily Fiedler said. "I have a big family and so many people to buy for it. In my family, we each pick a name out of a hat, set a price limit and then exchange on Christmas."
Picking names or exchanging gifts in "Secret Santa"-fashion can be economically smart as well as fun.
TIP TWO: Do your homework
Once students have a list of who to buy for, they should start researching prices by comparing ads, articles and Web sites.
Quality is also important. Although she represents the retail world, Susan Miller, assistant manager of the women's retail store J. Jill, said, "A great price isn't always a great deal."
Analyze each item, keeping in mind its usability and true value for the recipient.
If the mall isn't your cup of tea, consider the advantages that online shopping brings. You'll save on gasoline or transportation fees and can often find deals not in stores. Sometimes, depending on how much you're spending, you can get cheap or free shipping.
Learning about what you're shopping for will help you avoid overspending. Often the Internet is a good source of information. MSN.com provides links to consumer reports about various products as well as links to their "Shopping Style Editors."
Consumers can sign up to learn about certain promotions through their e-mail. Accounts such as these are free.
TIP THREE: Have a plan and stick with it
Set a workable budget. If you have a hard time sticking to it, get the amount you want to spend in cash and bring only that with you to the mall.
"It's so important to shop with a goal in mind," Miller said.
Map out your day at the mall. Plan what you need at each store and the order you'll visit the stores. Creating an itinerary for the day will be both practical and time efficient.
Most importantly, stick with the list you come in with.
TIP FOUR: Be wary of credit cards, but don't discount them
College students should be cautious when opening credit cards since it is easy to overspend.
However, if you can properly manage the account you open, you could save money. J. Jill rewards cardholders 10 percent off their entire initial purchases and 5 percent on every purchase using its cards.
According to Maureen Milbrath, Express Sales Floor Lead in Woodbury, Minn., cardholders receive special perks, such as an invitation to VIP events where they can receive a bigger discount on items.
TIP FIVE: Think outside the box and tap into your resources
Never underestimate the power of a little creativity. Not only can these gifts be cheaper, but also more meaningful. Last year Tower offered a free craft-making session open to all students.
Students living off campus always have the option of partaking in craft sessions held at stores such as JoAnn Fabric and The Bead Gallery. For a small price you can learn a certain skill, such as beading or scrapbooking, and use the skill to produce handmade, heartfelt gifts.
Baking goods, framing pictures, decorating trinket boxes and making jewelry are just a few ideas such that can often be produced at a low cost and still considered very memorable.
If the gift you have your heart set on giving is store-bought, make the card. Store-bought cards usually run $3 or more, so investing in a stationery kit to make your own can usually be economically savvy. Plus, many times these cards are considered more nostalgic
Students should realize they have a wealth of resources around them. Talk to your peers, talk to employees at stores, read up on ideas online or even specialty books - the information is there if you just take the time to fully investigate.
You don't need to be a Grinch or a Scrooge in order to save money. You just need to plan a budget and maintain your focus. If students follow these tips, the holiday season may be restored as "the most wonderful time of the year."
However, with a little research and a little imagination, the average college student can become holiday shopping savvy.
TIP ONE: Prioritize your recipients list
College life exposes students to many new faces, thus many students feel compelled to buy for all these new friends. However, while this is a noble gesture, it is not financially smart. z
So skip out on buying a gift for your RA or lab partner in chemistry. A simple card can be considered a suitable gesture.
"It's tough being a college student in the Christmas season," junior Emily Fiedler said. "I have a big family and so many people to buy for it. In my family, we each pick a name out of a hat, set a price limit and then exchange on Christmas."
Picking names or exchanging gifts in "Secret Santa"-fashion can be economically smart as well as fun.
TIP TWO: Do your homework
Once students have a list of who to buy for, they should start researching prices by comparing ads, articles and Web sites.
Quality is also important. Although she represents the retail world, Susan Miller, assistant manager of the women's retail store J. Jill, said, "A great price isn't always a great deal."
Analyze each item, keeping in mind its usability and true value for the recipient.
If the mall isn't your cup of tea, consider the advantages that online shopping brings. You'll save on gasoline or transportation fees and can often find deals not in stores. Sometimes, depending on how much you're spending, you can get cheap or free shipping.
Learning about what you're shopping for will help you avoid overspending. Often the Internet is a good source of information. MSN.com provides links to consumer reports about various products as well as links to their "Shopping Style Editors."
Consumers can sign up to learn about certain promotions through their e-mail. Accounts such as these are free.
TIP THREE: Have a plan and stick with it
Set a workable budget. If you have a hard time sticking to it, get the amount you want to spend in cash and bring only that with you to the mall.
"It's so important to shop with a goal in mind," Miller said.
Map out your day at the mall. Plan what you need at each store and the order you'll visit the stores. Creating an itinerary for the day will be both practical and time efficient.
Most importantly, stick with the list you come in with.
TIP FOUR: Be wary of credit cards, but don't discount them
College students should be cautious when opening credit cards since it is easy to overspend.
However, if you can properly manage the account you open, you could save money. J. Jill rewards cardholders 10 percent off their entire initial purchases and 5 percent on every purchase using its cards.
According to Maureen Milbrath, Express Sales Floor Lead in Woodbury, Minn., cardholders receive special perks, such as an invitation to VIP events where they can receive a bigger discount on items.
TIP FIVE: Think outside the box and tap into your resources
Never underestimate the power of a little creativity. Not only can these gifts be cheaper, but also more meaningful. Last year Tower offered a free craft-making session open to all students.
Students living off campus always have the option of partaking in craft sessions held at stores such as JoAnn Fabric and The Bead Gallery. For a small price you can learn a certain skill, such as beading or scrapbooking, and use the skill to produce handmade, heartfelt gifts.
Baking goods, framing pictures, decorating trinket boxes and making jewelry are just a few ideas such that can often be produced at a low cost and still considered very memorable.
If the gift you have your heart set on giving is store-bought, make the card. Store-bought cards usually run $3 or more, so investing in a stationery kit to make your own can usually be economically savvy. Plus, many times these cards are considered more nostalgic
Students should realize they have a wealth of resources around them. Talk to your peers, talk to employees at stores, read up on ideas online or even specialty books - the information is there if you just take the time to fully investigate.
You don't need to be a Grinch or a Scrooge in order to save money. You just need to plan a budget and maintain your focus. If students follow these tips, the holiday season may be restored as "the most wonderful time of the year."
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