The holiday season is supposed to be about joy, giving and spending time with our favourite people. But just as you might pack on a few extra kilos over the holidays, you might pack on some extra debt, too.
On average, Americans plan to spend more than $550 on gifts for friends and loved ones this holiday season, according to a recent NerdWallet survey conducted by Harris Poll. But budgets are tight. Do you have that much to spend without running up your credit cards?
If you don't have a holiday savings fund stashed away, smart planning and clever shopping can ensure you don't end up struggling to pay off debt.
Make a plan and stick to it
When you hit parties without an eating plan, you may put on some weight. Similarly, if you go to the mall without a spending plan, you can rack up debt. With the holiday shopping season already in full swing, make your plan today.
• Really set a budget
In the 2016 holiday season, nearly a quarter of Americans surveyed did not have a gift budget, according to the online Harris Poll of 2,135 US adults conducted in October 2017. Figure out how much you can spend, and think beyond presents. Factor in other expenses - wrapping paper, holiday cards and meals, to name a few.
• Limit your list
With your overall holiday budget in mind, decide who to buy for. Your immediate family and close friends are probably nonnegotiable. But do you really need to get presents for all of your co-workers, neighbours, all of your children's teachers, the gardener, maid and the delivery person? Give to those who really need it.
"Give yourself the gift of a stress-free start to the year by not waking up to a bunch of credit card bills," says Steve Branton, a certified financial planner. "Once you know the amount you can actually spend without going into credit card debt and who you need to give a gift to, you can work back from there to determine who are the most important people, how much to spend on them."
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Read more:
Planning for your children’s future: the gift of financial security
How to budget for a surprise expense in the UAE
20 tips to get your finances back on track in the UAE
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Give creatively
Clothes and gadgets are good go-to gifts, but they can be expensive.
"It behooves people to consider what all the options are around gifts, and there are a lot of creative things you can do to show someone you care without spending a lot of money," says Paul Golden, spokesman for the National Endowment for Financial Education.
• Give moments
Consider giving experiences, such as a "certificate" to an inexpensive or homemade meal together or day at an amusement park. Memories may last longer than the latest gadget - and, as a bonus, this lets you spread out holiday expenses instead of stuffing them all into one month.
• Get crafty
Homemade gifts can lend a more personal touch while saving you money. They don't have to be complex, like a hand-knitted sweater. Search online for inexpensive DIY projects, such as photo collages or baked treats.
• Hold a gathering in lieu of gifts
If you can give only to family this year, suggest that your friends gather for a potluck, cheap "secret gift" exchange or other inexpensive activity. "There is often relief across the board if you say, 'Don't buy me anything,'" Mr Golden says.
Spend smarter
Get the best value when shopping:
• Use credit card points
Check out your card issuers' retailer tie-ups for discount opportunities. Or if you have loyalty points, such as Air Miles card, retrieve points to buy gifts or to do a large grocery shop.
• Compare prices before buying
Shop around and make sure you're getting the best deal. If you're in a store, open a shopping app to see what the price is online (but factor in shipping). Or call a competitor store to see what its price is. When shopping online, search for promo codes.
• Make sure bargains are bargains
While event's such as Souq.com's White Friday can yield big savings on select items, you should know the typical price to make sure you are genuinely getting a good deal. Similarly if the malls have sales on, make sure you know how much items were before the so-called sales price was applied.
• Leave the plastic at home if you know you're likely to overspend
Sticking to cash puts a physical limit on your ability to spend and can help you stay within your budget.
New process leads to panic among jobseekers
As a UAE-based travel agent who processes tourist visas from the Philippines, Jennifer Pacia Gado is fielding a lot of calls from concerned travellers just now. And they are all asking the same question.
“My clients are mostly Filipinos, and they [all want to know] about good conduct certificates,” says the 34-year-old Filipina, who has lived in the UAE for five years.
Ms Gado contacted the Philippines Embassy to get more information on the certificate so she can share it with her clients. She says many are worried about the process and associated costs – which could be as high as Dh500 to obtain and attest a good conduct certificate from the Philippines for jobseekers already living in the UAE.
“They are worried about this because when they arrive here without the NBI [National Bureau of Investigation] clearance, it is a hassle because it takes time,” she says.
“They need to go first to the embassy to apply for the application of the NBI clearance. After that they have go to the police station [in the UAE] for the fingerprints. And then they will apply for the special power of attorney so that someone can finish the process in the Philippines. So it is a long process and more expensive if you are doing it from here.”
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
UAE currency: the story behind the money in your pockets
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
Engine: 2.9-litre twin-turbo V6
Power: 540hp at 6,500rpm
Torque: 600Nm at 2,500rpm
Transmission: Eight-speed auto
Kerb weight: 1580kg
Price: From Dh750k
On sale: via special order
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
The Specs
Price, base Dh379,000
Engine 2.9-litre, twin-turbo V6
Gearbox eight-speed automatic
Power 503bhp
Torque 443Nm
On sale now
57%20Seconds
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Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
Anghami
Started: December 2011
Co-founders: Elie Habib, Eddy Maroun
Based: Beirut and Dubai
Sector: Entertainment
Size: 85 employees
Stage: Series C
Investors: MEVP, du, Mobily, MBC, Samena Capital
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
