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TIPS FROM GREENPATH DEBT SOLUTIONS TO KEEP 2002 HOLIDAY SPENDING FROM CREATING DEBT STRESS IN 2003
November 12, 2002, Farmington Hills, Mich. - According to a survey conducted by American Express, 57 percent of shoppers will use credit cards to pay for holiday purchases. With last year's registered holiday sales at $201 billion, that amounts to quite a bit of holiday debt.
To make the fond memories of this year's holiday experiences last well into 2003, GreenPath Debt Solutions, a non-profit credit counseling agency, recommends planning your holiday shopping strategy before hitting the stores.
Plan ahead.
· Know what gifts you are looking for and how much you want to spend before you go shopping. Browsing without a plan can lead to buying more than you really need.
· Begin putting away a small amount once a week or every paycheck for next year's holiday budget. If you are not disciplined enough to save on your own, you might consider joining a Christmas club account. Many local credit unions and banks offer this program and money from your paycheck can be automatically deposited into the account.
Establish a budget.
· Figure out exactly how much money you can afford to spend on your holiday traditions. Gifts will be a significant amount of your budget, but don't forget items such as travel expenses, food, decorations, cards, wrapping paper and charitable donations. These can add up fast.
· Use cash, checks or debit. This way, you know you have the money and you won't have to worry about the dreaded credit card statements in January.
· Earn extra cash. Taking on a part-time job or working over time at your current job are a couple ways to earn extra spending money for the holiday season.
Shop Smart
· Make a list. Write a gift-giving list and then disseminate the money you have budgeted for Christmas gifts. You might decide this year you can only afford to send Christmas cards to some people on your list. Instead of buying gifts for some of your friends, consider making a special batch of holiday cookies or candy.
· Get creative. Recommend drawing names between a group of family or friends instead of buying a gift for everyone. If you are crafty or handy, try making some of your gifts. Even IOUs and hand-made coupons to baby-sit or mow the lawn are treasured gifts.
· Avoid "buy now, pay later" promotions. These type of offers sound good in the short term, but read the fine print because interest rates are typically extremely high.
· Keep track! Use a check register to enter all your transactions for holiday shopping. This will help you plan and budget for next year.
For additional assistance with your holiday shopping budget, call GreenPath Debt Solutions at 866-648-8122 to receive a free holiday shopping planner. Our counselors can also help answer any budgeting or money management questions free of charge.
Established in 1961, GreenPath Debt Solutions is also known as Consumer Credit Counseling Service. The non-profit company provides customer-focused debt management solutions and financial education programs, enabling people to enjoy a better quality of life. GreenPath is fully accredited by the Council on Accreditation for Children and Family Services and is a member of the National Foundation for Credit Counseling. For more information, please call us at 866-648-8122 or visit GreenPath's web site at www.greenpath.com.# # # | |