Military Officer - November 2007 - (Page 46)

financialforum Curb Holiday Costs The holidays are a time of giving, but giving doesn’t have to be so expensive. Phil Dyer, CFP, provides some tips to help you avoid overspending this holiday season. T Want to Find a Way to Help Others? ■ If you’re looking for a way to give back this holiday season, try getting involved in the volunteer efforts of your local MOAA chapter. To find a chapter near you, visit www.moaa.org/ chapters/locator. he holidays are upon us; a time to visit with family and friends and overindulge in turkey, cranberry sauce, and maybe even some of Aunt Millie’s fruitcake. Unfortunately, the holidays often can lead to overspending, which can be as detrimental to our wallets as that third helping of pumpkin pie is to our waistlines! Consider the following tips to keep holiday spending under control. Set a limit: One of the easiest ways to avoid excess spending is by setting a limit on your total and per-person spending amounts. This can be especially important for grandparents with lots of grandchildren. By agreeing on an amount — and sticking to it — you can avoid arguments and credit card statement shock. Shop smart: Instead of running from mall to mall, use the Internet to save time and gas. Price-comparison Web sites allow you to search a variety of items in a very short period of time, see what items are in stock, and determine the best price. Some of the most popular price-comparison Web sites are www.pricegrabber.com, www.shopzilla.com, www.bestwebbuys .com, and www.dealtime.com. But make sure to pay attention to shipping costs and return policies before making a purchase. Pick names: As anyone from a large family knows, buying gifts for all those relatives can get expensive! Instead of buying gifts for everyone, consider picking names, so everyone gets one gift from another family member. Set price guidelines so everyone is working with the same rules. Hold a “white elephant” gift exchange: One person’s trash is another person’s treasure. Instead of buying new gifts, have everyone bring an item from their “re-gifting” closet. Pile all the gifts in the middle of the ﬂoor, choose numbers, and let the mayhem begin! Each new “chooser” can either select a gift from the pile or take one that was already chosen. (Hint: This is best done with good humor and before the second round of eggnog.) Other holiday spending tips include: Consider alternative gifts: Instead of giving your child or grandchild another toy, what about appreciated shares of stock, mutual funds, or U.S. EE Savings bonds or starting a 529 Plan? A single $100 ﬁnancial gift to a 5-year-old will grow to $350 by the time the child graduates from college at age 21, assuming an 8-percent average annual return. Give something back: Most communities now have angel trees, Toys for Tots, or similar programs for underprivileged families. Make it a holiday tradition to help others. While anonymous donations are great, physically handing a toy or new winter coat to a needy child can be an excellent lesson in charity and a way for children and adults alike to give back. MO — Former Army Capt. Phil Dyer, CFP®, is deputy director, Beneﬁts Information and Financial Education. To ﬁnd a ﬁnancial planner near you, contact Garrett Planning Network at (866) MOAA-GPN (662-2476) or www.moaa .org/garrett, or visit www.moaa.org/ﬁnancial center for other resources. PHOTO: SEAN SHANAHAN 46 MILITARY OFFICER NOVEMBER 2007 http://www.moaa.org/chapters/locator http://www.moaa.org/chapters/locator http://www.dealtime.com http://www.moaa.org/garrett http://www.moaa.org/financialcenter http://www.moaa.org/garrett http://www.moaa.org/financialcenter

Table of Contents Feed for the Digital Edition of Military Officer - November 2007

Military Officer - November 2007 Contents From the Editor President’s Page Your Views MOAA Directory Rapid Fire Washington Scene Chapters in Action Financial Forum Ask the Doctor Cover Story: Commanding the Corps With Love, From Home Financial Guidebook Financial Tuneups Banking on Your Time Pages of History MOAA Scholarship Recipients Faces of MOAA MOAA Scholarship Donors Member Books Advertising Index MOAA Calendar Sounding Taps MOAA Member Services Encore

Military Officer - November 2007

For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.