Consumer Credit Counseling Service of Greater Atlanta offers tips on how to spend wisely this holiday season
With "Black Friday" only days away, Consumer Credit Counseling Service (CCCS) of Greater Atlanta, Inc., taking a page from the "Top Ten" lists featured on "The Late Show with David Letterman," is offering ways to help consumers spend wisely and avoid holiday debt.
CCCS offers its own Top Ten ways to avoid debt during the holiday season:
#10: Make a Holiday Spending Plan—Decide how much you can comfortably spend on gifts this year. Make a list of all the people to whom you would like to give gifts. After completing your list, create a budget by writing down how much you would like to spend on each person. Be sure to include the costs of decorations, wrapping, and cards in your spending plan.
#9: Create sentimental gifts—Keep in mind that some of the most appreciated gifts are not those that cost the most money, but are the most meaningful. Handmade gifts, such as calendars, photo albums, and framed children’s artwork can provide a lifetime of smiles. And never underestimate the power of a sentimental letter, song, or poem for that special person on your list. These heartfelt gifts are often the perfect choice.
#8: Earn extra income—You still have time to earn extra income to finance your holiday purchases. Many retailers need seasonal help to accommodate holiday shoppers. Taking a part-time job on the weekends will let you earn enough cash to avoid financing your purchases with credit cards.
#7: Keep the change—Save the leftover change from your everyday purchases. Over time, your piggy bank could grow enough to finance your holiday shopping.
#6: Do your research online—Shop around online for the best deals. Sites such as www.fatwallet.com or www.slickdeals.net alert consumers to sales, rebates, and coupons that most people would not know about. Since online retailers may run free shipping promotions, you might just save time and money ordering online.
#5: Get to know your favorite retailer—Retailers often send monthly e-mails advertising special sales or promotions to their shoppers that are not available to the general public. Take advantage of these special offers, but read the fine print in case terms or conditions apply to your purchases.
#4: Leave your credit cards at home—Studies have shown that people who use credit cards to buy gifts spend an average of 30 percent more than people who use cash. When you add in all the finance charges over months, or even years, that "perfect gift" could cost you twice what you paid for it, or more.
#3: Don’t forget about "Cyber Monday"—The Monday after Thanksgiving is expected to be a busy shopping day for online retailers. Online stores may be offering special deals with the hopes of increasing their sales.
#2: Shop before the big sales—Avoid the Black Friday mall crowds by shopping a day or two earlier. Many stores will refund the price difference if the item goes on sale within days of purchase. This policy may not apply to all Black Friday specials.
#1: Check the Black Friday ads early—If you are planning to brave the crowds on Black Friday, make the most of it. Preview the sale ads (visit www.theblackfriday.com for an early peek at many retail ads), and make a plan. Work with friends to cover the early morning specials at many stores. And don’t be tempted to overspend simply because things are on sale. Stick to your list.
About CCCS
Consumer Credit Counseling Service of Greater Atlanta is a 501(c)3 nonprofit community-service agency that provides confidential budget counseling, money management education, debt management programs, bankruptcy counseling and education, and comprehensive housing counseling. The agency serves nearly 400,000 consumers, who are primarily from low- and moderate-income households, in all 50 states.
Consumer can speak to counselors in English and Spanish 24 hours a day, 365 days a year, by phone at 1-800-251-CCCS, and also access the agency’s web sites, www.cccsinc.org and www.cccsenespanol.org where live-chat counselors are available around the clock.
