MID-TERMS, THANKSGIVING, THEN FINALS - LIFE COMES AT YOU FAST!


Soon you’ll be planning your holiday break visit back home. If you’re like most students, you probably don’t have much money for the holidays and are wondering how you will be able to exchange gifts with friends and family.

Before you grab your credit card and head for the mall, think about this:

Did you know 75 percent of college students have credit cards? Many students average around $3,000 in credit card debt…that’s in addition to student loans. If you think it will be easy to pay off $3,000 after you graduate, think again.

Paying $50 a month, which is more than the minimum payment, on a $3,000 balance with a 19.9 percent interest rate will take 21 years to pay off…just what your credit card company wants! Add that to the student loan you’ll have to pay, your rent, car and furnishing an apartment – and you’ll have a recipe for financial disaster.

Conscious Consumerism

Think outside the gift box this year and still have a meaningful holiday season. Here are some "alternative" gift-giving ideas that require little or no cash:
Make Gifts Get your friends together, pool resources to purchase craft supplies and have a craft party before you leave for the holiday break. You’ll have an afternoon of fun with your friends and have personalized crafts to give as gifts. You can find ideas for inexpensive projects online or at a craft store.

Regift The term was coined on Seinfeld and some still think the idea is tacky, yet it’s gaining popularity. Regifting can be a practical solution for gift-giving if done with a little forethought.
  • Everyone has hardly-worn sweaters, barely-played CD’s, unread books or other things you just don’t love, but are in like-new condition. Consider giving these as gifts to someone else you know who will appreciate them.
  • Use some common sense etiquette and make sure you're not giving the item to someone who is likely to see the person who originally gave you the gift (don’t give a gift from Grandma to your kid sister). Be sure you remove the original gift tags, too.
  • Get together with your friends and suite-mates to have a regift swap for another fun and inexpensive afternoon activity and have like-new gifts for giving to your family and friends.

Give the Gift of Your Time Make coupons to give to your loved-ones that offer your services for childcare, a car wash (that you will do), a lunch date with an elderly relative or friend, a dinner cooked by you, a massage, lawn care or anything you can do for someone else. Create your own coupons or, for the artistically challenged, ready-to-print coupons are available at The Big Love Gift Guide: More Joy Less Stuff. Your time is valuable…the gift of your time can be priceless!

If You Must Spend $$...

Consider buying "gently used." Look for consignment shops to purchase some unusual, funky gifts that you might never see in a big-box store (just be sure they won’t be regifted later – see above). Some music and video stores now offer used CD and DVD sections. Used book stores offer top selling best-sellers at a fraction of the retail price.

Armed with a plan to make or buy low-cost gifts for holiday giving will empower you to rise above the credit card pit, be in control of your spending and keep some extra money in your pocket.

Visit the HESC Web site for information about college financial aid and financial literacy.

Updated: 4/13/2009