8:11 a.m., Oct. 27, 2009----It is October, and now is the time to come up with a holiday cost-cutting strategy. Can you forego new holiday decorations? Skip gift-giving to extended family? Turn your big holiday bash into a bring-a-dish potluck?

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“Everyone has different holiday priorities; begin talking to your family and friends now about what's most important about your holiday traditions,” says Maria Pippidis, a family and consumer science educator with University of Delaware Cooperative Extension. “You may discover that an annual cookie baking party or family sing-along is far more meaningful to everyone than that pile of gifts that put you in debt last year.”

Start by having a discussion with family and friends about gift-giving to avoid embarrassment or impulse buying later. One Delaware woman told Pippidis that her best friend was unemployed last year so the duo decided to exchange handmade gifts under $5. In previous years, they had given each other expensive clothing or gift cards to restaurants. Not only did they save money in 2008, but they were so pleased by the gifts -- a photo album and hand-knit scarf -- that they plan to continue this new tradition of handmade gifts.

There may be many family members and friends who will be relieved that you bring up this discussion and grateful for the opportunity to forego gifts or stick to very low-cost items.

Now also is the time to think about items that are easy and appropriate to re-gift. Unused gift cards are a perfect item to give to someone else, as well as any packaged food gifts that you may receive from business contacts. Just make sure that no original gift tags are on the items and that they are in pristine condition.

In doubt about whether re-gifting is okay? Consider that Emily Post, the arbiter of etiquette, says it is acceptable, as long as:

• You're certain the gift is something the recipient would enjoy;
• The gift is brand new (no castoffs allowed) and comes with its original box and instructions;
• The gift isn't handmade, or one that the original giver took great care to select; and
• Neither your gift giver nor your recipient will be upset.

For those gifts you will need to buy, layaway can be a good way to manage your holiday spending. It's becoming popular again with cash-strapped consumers, says Pippidis.

Last year, Sears started offering layaway after a 20-year hiatus. By purchasing earlier, you are able to ensure that you will obtain very popular items -- such as particular children's toys -- before they sell out.

For more cost-cutting tips from University of Delaware Cooperative Extension, sign up for Two Cent Tips, a free monthly email newsletter. The October issue explains tax credits for making your home more energy efficient, and rebates for Delaware residents purchasing Energy Star appliances. Sign up today by sending a message to [TwoCentTips@udel.edu].

You can view the October issue and all back issues online.