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Perils of Last Minute Holiday Shopping
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For more information contact:
Kelly Rote (713) 394-3201 |
Release Date: December 20, 2005 |
HOUSTON (December 20, 2005) – According to a study by the National Retail Federation, the average American couple will spend $1,476 this year on holiday gifts, food and decor. If you are hoping to stretch your holiday dollars by hunting for last-minute bargains, you aren’t alone. In fact, statistics show that December 24 is one of the busiest shopping days of the year.
Unfortunately, waiting until the last minute to hunt for gifts may leave you with a less-than-perfect gift for your loved one, at a less-than-perfect price. Starting early will allow you to find something they really love, and will give you the chance to do price comparisons.
While the clock may be ticking, the experts at Consumer Credit Counseling Services (CCCS) of the Gulf Coast, a division of Money Management International (MMI) remind you that it is never too late to make a plan. Knowing how much you plan to spend before you head to the store can help you avoid starting the New Year in debt. MMI offers these tips for last-minute shoppers:
Use credit wisely. If you must use credit, only use those cards or accounts with the lowest interest rates and most advantageous re-payment plans.
Plan for pay-off. A recent survey by Money Management International found that most shoppers pay off their holiday credit card bills by March, but those who make only the minimum monthly payment could be financing their holiday purchases over the next decade. Not even your fruitcake will survive that long.
Know when to stop. Only shop when you need to and stop shopping when your list is complete. This will help you avoid impulse purchases.
Cross yourself off the list. The National Retail Federation survey found that consumers plan to spend an average of $87 on gifts for themselves. Give yourself the gift of financial security instead.
Get creative. Great gifts don’t necessarily cost a lot of money. Make homemade jam or assemble a photo album. Give vouchers good for five hours of yard work, ten back rubs, or a weekend of baby-sitting.
Send gifts by the most inexpensive method. Shipping costs can often be more than the value of the gift itself! Compare mailing options and rates and be sure to allow enough time so that you can avoid overnight or express shipping.
“If you experience difficulties sticking to your holiday spending plan, don’t give up. Small setbacks do not mean you have to scuttle the entire plan,” said Kelly Rote, communications manager for CCCS of the Gulf Coast. “Instead, adjust your spending accordingly. Then, focus on your goals for next year and start the year off on the right foot financially.”
To use the free Holiday Gift planner and for more money saving tips, consumers can visit www.moneymanagement.org/gifts.
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Money Management International, is a non-profit community service organization that provides confidential financial guidance, counseling and debt management assistance to consumers. MMI helps consumers trim their expenses, develop a workable budget, lower their debt payments and repay debts. Services are available by phone. To visit with an MMI counselor, call toll-free 1-800-762-2271- 24 hours a day, 7 days a week. Spanish speaking counselors are available. Consumers can also learn more by visiting the MMI home page at www.moneymanagement.org.
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