For more information:
Andrew Johnson
GreenPath Communications Manager
(248) 488-0419 – office
(248) 880-3271 – cell

AUTUMN KICKS OFF THE HOLIDAY SPENDING SEASON
Time to celebrate also means time to spend money; GreenPath offers ways to keep spending in check

(FARMINGTON HILLS, MI – October 7, 2011) - Fresh on the heels of kids going back to school and college with new backpacks, clothes and more, America is bracing for the upcoming major holiday season, which means spending money to celebrate. GreenPath Debt Solutions has compiled some ways to save money during the upcoming holiday season.

According to an IBOPE Zogby International survey conducted by TransUnion, one in three Americans surveyed do not save in advance of the holiday shopping season.  For many, this may mean using current credit cards, opening new lines of credit or taking on extra debt.  Excessive inquiries for new lines of credit, higher balances compared to credit limits and large amounts of debt can all be harmful to a consumer’s credit heath.

In order to have a “happy holiday,” GreenPath lists the following money saving ideas:

HALLOWEEN
In 2010, the National Retail Federation said that Americans spent nearly $6 billion on Halloween, including an average of $23 on a costume and $20 on candy.

“Halloween is on a Monday this year, which could mean parties that previous weekend,” said Dorothy Barrick, GreenPath counselor. “While you may spend money on costumes and candy for the actual holiday, you could be spending even more hosting or attending parties for ghosts and goblins.”

Barrick said to keep costs in check when buying a costume, consider reaching out to family and friends who may have costumes left over from last year. “It’s a good habit to share your costumes, as the ones that aren’t handed down, likely are only worn once,” she said.  When it comes to buying the candy, pick your least favorite.  This will stop the temptation of eating it before the actual holiday and save you from running back to the store when the candy is no longer on sale.

THANKSGIVING
In 2010, the cost of a Thanksgiving dinner increased 1.3 percent from 2009, according to the American Farm Bureau Federation’s (AFBF) annual study.

The AFBF has been conducting the informal price survey for 25 years, and estimates households put a turkey dinner and all the fixings on the table for 10 guests in 2010 for $43.47, or $0.56 more than 2009’s average price of $42.91

2010 prices for ten people around the Thanksgiving table:

•Turkey - $17.66 (16 lb. at $1.10 per pound)
•Stuffing - $2.64
•Sweet potatoes - $3.19
•Pumpkin pie - $5.08

There are a few ways to set your food table, said Barrick: Consider buying a frozen turkey on sale ahead of the holiday. (The USDA says frozen turkey can stay good for a year in your freezer.) She also said that one might want to consider chicken or other inexpensive meats as an alternative to the traditional turkey.

“Thanksgiving can be stressful as well as a financial drain on the pocketbook,” she continued.  “Reach out to your extended family for assistance.  Many people are happy when asked to share a dish to pass because they get a chance to show off one of their favorite recipes.”

CHRISTMAS/HANUKKAH/KWANZAA
GreenPath Debt Solutions echoes the importance of shopping on a budget this holiday season. “We encourage our clients to carefully budget their holiday spending this year and every year,” said Barrick. “While credit cards can be very tempting to purchase gifts, they can result in a “holiday hangover” in January, when the credit card bills come due,” she continued.

During the upcoming holiday season, GreenPath reminds people to consider the following.

Before using credit:
• Plan for purchases in advance. Do you want to commit future income to monthly credit payments?
• Is the item you are considering purchasing with credit a need or a luxury?
• Learn to say no and mean it. Remember, we cannot have everything that we want.
• Understanding your own weaknesses, when it comes to money.
• If you know credit cards purchases are tempting, then don't carry the cards with you.
• If you know you have a tendency to over-spend at the grocery store because you have over-draft protection on your checking account, make a list to shop from, and withdraw cash from the bank. Leave your checkbook at home.
• Work toward the goals you have set. Does the credit purchase fit into your overall plan?
• Weigh the pros and cons of the purchase. Did you observe the "two-day rule?" (When you see something you really want to buy on credit, go home and think about it for two days. If you decide after two days that it is still a smart buy, and it fits into your budget, then go back and buy it.)

Shop around
• Look at various sources.
• Some stores are now offering lay away.  If it goes on sale later, they often give you the sale price.

Read and understand the contract
• Read the contract carefully.
• Don't rush into signing anything.
• Once a contract is signed, get a copy of it.
• Know the penalties for missed payments.

Know your cost
• Figure out total price when paying with credit.
• Make the largest payments possible.
• Buy on installment credit only after you have evaluated all other possibilities.
• Don't be misled into thinking small payments will be easy.

By observing these suggestions and planning ahead, we can kick off the New Year without a “holiday financial hangover."

For more information, log on to www.greenpath.com or call (866) 648-8122.