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PRESS RELEASE
Thursday, November 12, 2009
Form Your Plan of Action, It's Six Weeks until Christmas
CCCS of Greater Dallas Offers Tips for Consumers on a Budget
Dallas - November 12, 2009 - This Friday, November 13, marks six weeks until Christmas. While the National Retail Federation (NRF) is forecasting holiday sales to be slightly better than last year, consumers are expected to shop on a tight budget and purchase practical gifts.
"We're beginning to hear reports that the economy is recovering, but most consumers are still watching their spending carefully," said Todd Mark, vice president of education for Consumer Credit Counseling Service of Greater Dallas. "To shop successfully on a reduced budget we recommend consumers create their master plan now since one bad purchase can ruin an entire budget."
CCCS of Greater Dallas offers the following ideas to create a holiday budget that will stretch your dollars and prevent holiday debt so you can start 2010 off right.
Start with a detailed budget. We can't stress this enough. Write down every purchase you will make for the holiday season from gifts for your family, friends, neighbors and co-workers, to food for dinners and parties, travel expenses, shipping, wrapping and decorating your home. Place a dollar amount for each purchase and list out your recipients. It's usually the minor expenses that ruin our budgets, so creating a list for each and every item will help keep your budget in line.
Don't wait until the last minute. Many retailers are promoting early holiday savings with an effort to increase their overall holiday sales. Consumers who plan carefully this year can get great deals. Make a list of every gift you'd like to purchase and watch for it to go on sale. Retailers are expecting the most popular gifts to go fast, so it's essential to know what you want to buy people so you don't get stuck impulse shopping.
Take advantage of online shopping. Almost all major retailers are online. This is beneficial for three reasons. 1. Research and compare prices ahead of time to know what's really a good deal. 2. Watch for free shipping. (The NRF is expecting most retailers will offer it throughout the season.) 3. Check for printable coupons online or online-only specials.
Collect coupons for extra savings. Keep coupons in your car or wallet for stores you plan to shop and you'll be prepared to receive extra savings when you make your purchases.
Prepare for Black Friday and Cyber Monday. If you plan to shop on Black Friday and Cyber Monday, review the sales ads on Thanksgiving and map out an itinerary to plan an efficient route. Take the ads with you because some stores will match prices if you can present the competitor's ad. The early door-busters really are the best deals. However, Cyber Monday is becoming more competitive for retailers and more popular for consumers with free shipping and no stress or wasted gas from racing around town.
Use credit cards and methods of payment strategically. Only use your credit cards with the lowest interest rates and don't charge anything you can't safely pay off in three months. Many banks are raising their interest rates and cutting credit lines. This could impact your shopping plans as purchases made in December could have a different interest rate in January. If you do not have the discipline to use credit responsibly, it's best to withdraw your budgeted amount of holiday cash and leave your credit cards at home.
Avoid department store credit cards. Retailers will be promoting extraordinary deals accompanying your submission of a credit application. While a free gift or a 10 percent discount can be tempting when money is tight, remember that signing up for department store cards will only lead to more debt and a diminishing credit score.
Finally, remember the reason for the season. Many consumers will not be able to please everyone on their list this year with tangible items, but everyone can give the "gift of love." There are many things your loved ones need that don't require you spending money. Consider giving a night of babysitting for a busy couple, cleaning the house of an elderly relative, helping a friend with some handy work around, assisting a neighbor with lawn maintenance, changing the oil in your mom's car or bringing an uncle a home-cooked meal. These gifts are special reminders that the holiday season isn't all about spending.
CCCS of Greater Dallas offers free financial education. To schedule a class at your location or attend one of their onsite free seminars, call 1-800-249-2227.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a nonprofit, community based credit counseling and debt management service. Established in 1974, CCCS of Greater Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS of Greater Dallas is a HUD approved housing counselor and serves as one of eight counseling agencies supporting the 888-995-HOPE Hotline. The agency is also a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. To learn more about CCCS of Greater Dallas' free seminars or the agency's services, visit www.cccs.net.
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