CLARKSVILLE, TN (CLARKSVILLE NOW) – Christmas Day is edging closer, and the race is on for many looking to snag their final Christmas gifts for friends and loved ones before the big day.

While many might have saved up a decent-sized stash of cash, others may be scrambling to find room in their budget for their entire shopping list. With the clock ticking and dollar signs adding up, one local financial expert shares some advice for those looking to give this holiday season.

Preparing for Christmas

Alicia Struble, registered principal and branch owner of Struble and Company in Clarksville, told Clarksville Now that preparing for Christmas shopping is like preparing for a special trip.

“Christmas doesn’t just sneak up on us. It’s like a vacation you want to take. People put a lot of thought into the vacation they want to take,” she said. “They understand the cost that is associated with it, so they build their own structure for savings. They say ‘no’ to some things so that they can ‘yes’ to the thing that they want to do.”

While this is the season of giving, it is also important to keep in mind your own priorities.

“Make sure that as you set this budget for your vacation, and you set this budget for your Christmas holiday, that you’re thinking about if you funded your own retirement account. Because the truth is, you want to maintain your own independence as you’re thinking about what kind of spending you’re doing throughout that year.”

It’s no secret that inflation and supply chain issues have had a huge impact on many families in 2022. Struble explained that aside from saving what you can, there are other ways to give during the holidays.

“It really doesn’t have to be that complicated, but I think there is so much that makes us feel obligated to do things that are outside the reach of our pocketbook. They get people in trouble, and they feel guilty.”

Giving what you can

One action that tends to get people in trouble this time of year is the overuse of credit cards.

“I’m not opposed at all to anybody using a credit card; I think it’s very smart to use a credit card,” Struble told Clarksville Now. “But you have to pay that credit card off at the end of the month. So, when that bill is due, you have to pay it in full, and if you’re not prepared to pay it in full, you shouldn’t be using your credit card.”

Shopping local is a great way to find exclusive deals while supporting your own community.

“Black Friday and Cyber Monday are huge deals for people if they keep their eyes out for prices,” Struble said, noting that purchasing services or trips to local attractions can also make great stocking stuffers.

“You don’t have to buy a lot of these things that are huge in cost. Maybe you could sort of change what you’re doing instead of buying loads and loads of presents, that may find their way into being regifted. Try buying a zoo pass, or a museum pass, or pre-purchase some sort of trip.”

Some may still be on a tighter budget, but that doesn’t mean they can’t give if they feel the urge.

“If you want to give something from the heart, you could cook something. Giving somebody a food or a craft is something we may not think about as much because we are so commercially conditioned to buying the latest thing that’s out there.”

Struble added that volunteering is another way to give during the holiday season. While you may not be able to give a monetary gift, giving your time can be just as impactful to the community.

Charitable contributions

As 2022 draws to a close, there is still time to donate to your favorite charities. Donations to 501(c)(3) organizations and charities are largely tax-deductible.

Additionally, Struble says some are eligible to donate to their charity of choice directly from their individual retirement account (IRA).

“For people that are age 70½, and if they have an IRA, this is a deduction from the IRA that does not go on their income taxes. They can take out a qualified charitable distribution. You would do that with the company that holds your IRA.”

For those looking for local organizations to give back to this year, visit the list of charities on the Clarksville Strong website.

To learn more about deducting charitable donations, you can visit the IRS website.