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Ho, ho, ho? No, no, no. Much as you might like to be, you are not Santa Claus. Yes, as a parent, grandparent, sibling and friend, you want to give everyone on your list loving, thoughtful
gifts. But as a retiree on a budget, you need to temper that with some restraint — and that can be hard, especially when the holidays roll around. We asked five money pros — four certified
financial planners and a financial specialist from the National Council on Aging — for advice on how retirees can balance the generosity in their hearts with the reality in their wallets.
They came up with these 10 tips for the holidays, and for gift-giving throughout the year. 1. PLAN AHEAD — AND BUY AHEAD This may seem obvious, but anyone who remembers packed late-December
malls knows that most people don't plan their holiday shopping in advance. It doesn’t need to be that way, though. When one holiday season ends, start planning for the next, recommends
Clark Randall, director of financial planning at Creekmur Wealth Advisors in Dallas. Figure out how much discretionary money is available in your overall budget and how much of it you want
to dedicate to gifts, holiday and otherwise, versus other optional spending like dining out and travel. Randall also suggests spreading your holiday shopping across the year, keeping an eye
out for big sales and discounts. Besides saving you money, “it makes the gift-giving much more enjoyable,” he says. 2. MIND YOUR CREDIT CARD BALANCES Randall has a rule of thumb for holiday
spending: If it’s more than you can afford to pay off on your monthly credit card statement or requires you to borrow from somewhere else, it’s too much. “That would be a flashing red
light,” he says. “Incurring debt for gifts is never a good idea.” 3. MAKE A LIST AND CHECK IT TWICE Long before the holidays, sit down and make a list of the people you want to give gifts
to. Then take a hard second look. “Keep in mind that once you add a person to your gift list, you may need to continue to keep them on the list in future years,” says Jorie Johnson, a
certified financial planner with Financial Futures in Brielle, New Jersey.
