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Our Money Coach, Bill Stanley, is not a big fan of shopping between Thanksgiving and Christmas. And, he admits he isn't a fan of shopping between Christmas and Thanksgiving, either.

However, he knows that millions of the rest of us like to splurge on loved ones for the holiday season – so he thought he'd pass along some shopping tips he read in the Sunday, Nov. 21 edition of The Wall Street Journal.

#1) Have a gift budget and a gift list – Start with the dollar amount you can afford, and write down a list of people who will receive gifts, he said. Then put a dollar amount next to each person on that list – and make sure the total cost of all the gifts doesn't exceed the budget.

“The worst thing you can do is shop with an open budget and an open wallet,” he said. “Stick to your budget. Try taking only cash when you shop.”

#2) Negotiate a gift truce – “Tell people that you're operating within a tight budget this year, and that you don't intend on spending a lot of money on gifts,” he said. “Then ask them to do the same for you.”

#3) Focus on experiences rather than things – Give a cooking class instead of simply the cookies. Give tickets to a game versus an expensive sweater.

“Memories often last longer than unneeded stuff that just ends up in a closet,” he said. “Studies show that experiences tend to become more important over time.”

#4) Give something you make instead of something you purchase – “People really treasure hand-made gifts,” he said. “I spend a couple of bucks on enlarging photographs and people really appreciate them. If you're good with crafts, then use that talent and make something!”

#5) Be a smart shopper – One rule to follow: Never go grocery shopping without a list, or when you are hungry. The same goes for gift shopping, he said. Have a very specific list and don't by things for others that you want for yourself.

“Do your homework before you actually go out and put money down,” Stanley said. “That may mean going to the stores without money or credit cards to get ideas and compare prices.”

Also, Stanley said we should use the Internet to our advantage by checking out online websites – some of whom offer free shipping.

Bill Stanley and Money Matters airs every Tuesday on FOX21 Morning News.
If you have a question for Bill, contact him directly: moneycoachbill@aol.com