by: Brian J. O'Connor
The Detroit News
The 2009 holiday shopping season has only four days left, but consumers still have time to take a minute to review how their spending is progressing. CPA Mackey McNeill, a member of the National CPA Financial Literacy Commission, offers these tips for a cost-effective holiday:
• Review your budget: Take a moment to review your holiday shopping list to see if your budget is still in check.
Ask yourself: Am I on target with my original budget for the season? Do I need to revise for whom I am buying or what I am buying for them? Do I have any last-minute gifts or people that I did not account for originally?
• In the spirit of giving: Consider making a donation in the name of a family member or friend to their favorite charity instead of, or including, a small gift.
The charity donation will help someone less fortunate during the holidays, and you can take a deduction on your 2009 taxes.
• Cost-efficient holiday ideas: Be creative in your gift giving. Frame a special photograph, for example. If you have a talent that lends itself to personal expression, like knitting or songwriting, make use of it. Gifts like these will have sentimental value and be memorable; not to mention less expensive.
• Do additional research: Once you have reviewed your shopping list, become an educated shopper and compare prices. You may be able to save a few dollars on each gift, which can add up and allow you to stretch your budget even further. Use coupons for additional discounts.
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