The fall election season of 2008 may go down in memory as the start of one of the greatest economic downturns of all time. Or it may simply become known as the Panic of 2008. However it washes out in the pages of history won’t really matter for the Christmas celebrant of today. What people all want to know is what do I do about Christmas now?

Before you start to panic about how your stockings will be stuffed this year look on last Christmas: Do you even remember what Santa brought you? Can you recall what your gifting was for others? Is that what your really remember? Is that what is really important?

Perspective is the first part of making merry. There are reasons why a two-year-old is often more thrilled with the empty box than the toy that is inside of it.

With that understood, and with the resolve that money isn’t needed to make merry, here are some tips for getting ready for Christmas in a poor economy:

1. Set a limit.

The last time I was in Vegas I entered one of those large casinos and noticed amidst the glitz, neon, and miles of carpet a tiny little sign that read “this establishment encourages you to play responsibly”. That sign provided the only laugh I had in that place.

Our credit and debit cards should have that same thing in bold letters all over them.

Before you do any shopping and get any grandiose gifting ideas set your limit. Write it down. Seal it in an envelope and stuff it in your stocking first. Then on Christmas morning open it up. If you stick to it, you’ve got a gift indeed. If you don’t, it is a lump of coal. Either way, you’ve held yourself accountable.

2. Read the tea leaves of business.

I know many people who get their Christmas shopping done by July. To me, that is almost a mortal sin at most and, in the least, very unpatriotic. I love Christmas shopping at Christmas. Yes, there are inconveniences. But there is also a flavor to it all its own that I find charming and fun.

Part of it is knowing how the world of retailing works. Christmas is, well, Christmas to them. They gear up for it all year. Their whole year rides on it. They know it, they plan for it and they have to execute it. You know it too and that puts you in the driver’s seat -- as long as you know how the game is played.

Step 1: Recognize the great opportunities of October and early November. These are the dog days of shopping. Kids are back in school, people are home from vacation. And retailers can only hold meetings and dream of Christmas profits coming in droves after Thanksgiving. Their boredom forces them to break out the mark down pens. They want to get rid of their summer and spring products -- which other than packaging differs little in many respects from what they will offer after Thanksgiving -- and they will give aggressive discounts. This is what buying early is all about.

Step 2: Don’t be suckered. Retailers, especially toy and electronic dealers, encourage you to buy as soon after Thanksgiving as possible. They want you to get in while the selection is there. And true enough, for the really hot items, you’ve got to get it while you can. But most items you should wait on. If you didn’t get it before Thanksgiving, wait as long as possible. The longer you wait, the better the discount as you get close to Christmas.

Step 3: Check 3rd quarter earnings of key retailers. As the 3rd quarter goes, so go the discounts of Christmas. TIP: Want to score with books this Christmas? Shop Borders. They’re cash poor and needing a big influx of cash to survive into the new year. They will have deals aplenty in 2008. TIP: Want something eclectic in a giftable? Maybe something trendy? Try Starbucks. They want the world in for coffee and have wasted years developing gifty product lines they new have to reduce or eliminate. It could be worth a look.

3. Get social.

If you have a longer gift giving wish list than you have money to fund for it, partner up. Find someone to “go-in” with you on a gift. This not only makes gifting more affordable it makes shopping for it a bit more fun.

Comparing your list with a friend can provide alternative ideas. Plus, the swap of lists give you an idea of what others are giving to people you have in common.

4. Think outside the box.

I don’t mean buying your mother a vegetable brush instead of something nice. When it comes to thinking outside the box in terms of gifts I mean thinking about how you wrap or present your gift. You don’t have to just wrap it and slap a bow on it.

You can, instead, make the wrapping part of the gift itself.

For example: I once got a gift of hot cocoa mix in mug. $5 for the mug, $4 for the cocoa and $1 maybe for a cello bag tied in a ribbon. That’s fun, creative and very gifty.

Of course, there is a lot more expense to Christmas than just giving. There is decorating to do, food to purchase, parties to plan. We’ll deal with these topics in our next in this series.