Happy Holidays from Collegespending.com!

I wrote last month on how to most effectively create a holiday budget. The goal of that post was aimed to help you prepare your holiday shopping list without sending your bank account into shock. Hopefully you have taken my previous advice into consideration. Now that your shopping planning is complete, have you given thought to your own holiday wish list?

All gifts are not created equal, and some will have better long term financial and emotional value. The latest trendy gifts are generally short lived, then tossed in the corner never to be seen again. When deciding what you want for the holidays, consider asking for gifts that fall into one of the following categories…

1)A gift that has large sentimental value. No matter what the retail price is of this gift, it represents something much bigger and more important in your life. These are gifts that will make you happy to look at for years to come. (Ex: Pictures, Charms, Music, A “coupon” for a romantic dinner from the gift giver) Remember, these are gifts have greater value than what the price tag says.

2)A gift that appreciates in value. Certain items will actually gain value over the years. I am not recommending this type of gift so that you can turn around and sell it, but these type of items are great to collect and watch how they grow in value. (Ex: autographed items, antiques, memorabilia)

3)Money/Gift Cards. Over the years I have received many checks from family members. The thrill of opening an envelope with a check inside is far less exciting than unwrapping an xbox or a new outfit. Here is my advice for gifts such as cash, gift cards, and checks… Take at least half and put it towards bills or necessity items, such as food or household items. Doing this will really help you out in the long run. With the leftover money, go buy yourself something you have been wanting. By doing this you have helped your financial status and bought yourself something nice for the holidays.

Time is running out on holiday shopping, so go drop your family and friends some hints. Maybe this year instead of just asking for the trendy holiday items, ask for something mentioned above.