Hopefully, you have been preparing for the extra financial impact that Christmas invariably brings with it. We have a separate savings line in our budget specifically titled “Christmas”, so that we know exactly what we can afford to spend on our family and friends. If you haven’t been quite so diligent or if circumstances have caused you to shift your savings, there is still hope.

Mary Hunt, author of Debt Proof Living has a list of ideas that will help you Debt Proof for the Holidays. Some of the ideas are designed to be done year round, but there are a few that can still help you overcome the guilt and pressure that most will encounter over the next 5 weeks. Here is Mary’s list of ideas:

• My Christmas club – establish a weekly savings plan to prepare for gift purchases
• Gift cards – instead of saving cash, purchase gift cards and then spend them as necessary
• A balanced Christmas – purchase gifts that reflect Love, Warmth, Knowledge and Joy
• Pantry Game – for one week eat only what is in the pantry; use the grocery budget for gifts
• Rotating Name Game – instead of buying for everyone, rotate family names
• Questionnaire – develop a questionnaire that updates sizes, colors, wants, and desires
• Gifts for kids only – for extended family purchase only for the children and then contribute to a worthwhile charity
• Frucall.com – before you buy that item, make sure you are getting the best price available
• Outlet store sales and coupons – make sure you are getting a good price buy looking for the sales
• Pare down – teach your children what it means to give by having them contribute good, unused toys to those less fortunate

I am amused at the McDonald’s commercials where the guy goes around trying to find out what he can buy for a single dollar. The end result is that he cannot get very much until he makes his way into a McDonald’s restaurant. The inconsistency with the commercial is that the $1 price doesn’t take taxes into consideration. In other word’s, even items from McDonald’s Dollar Menu can’t be purchased for only $1. This sort of misleading advertisement is often the cause of people making bad decisions and busting their budget because of poor planning

So, what should you do when you hear about an offer that is just too good to be true. Obviously, you need to proceed with caution and make sure you fully understand what you are getting before you jump into the situation, because most things are not as they seem. However, I do know of one offer that really is good and it really is true, and it is something that the government actually got right.

The Federal Trade Commission has issued its final rule regarding free annual credit reports under the Fair and Accurate Credit Transactions Act (FACTA) and the Fair Credit Reporting Act (FCRA). FACTA, which was enacted on December 4, 2003, amends the FCRA and requires, among other things, that the three nationwide consumer reporting agencies (CRAs) – Equifax, Experian, and Trans Union – provide to consumers, upon request, a free copy of their credit report once every 12 months.

That is right. Every person is entitle to a free credit report once a year from each of the primary credit reporting bureaus. In order to get your free credit report, simply visit our website and visit the Favorite Links page. From there you will be able to navigate to www.annualcreditreport.com. Is there a catch? Well, sort of. While you are there they will try to get you to purchase your credit score, but just stay focused on the mission – obtaining the credit report. You are not entitled to a copy of your credit score only your credit report.