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Keep Your Finances in the Black this Thanksgiving Weekend
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For more information contact:
Tanisha Warner (713) 394-3202 |
Release Date: November 19, 2007 |
Thanksgiving marks the beginning of the holiday season— and for many consumers, is the kickoff of their holiday shopping. In fact, the day after Thanksgiving is commonly known as “Black Friday,” because retailers typically go from being unprofitable (in the “red”) to profitable (in the “black”). According to the ShopperTrak National Retail Sales Estimate (NRSE), last year’s Black Friday sales totaled nearly $9 billion.
Unfortunately, beginning the holiday shopping season by blowing your budget can lead to debt that lingers well into the New Year. There are many ways to keep costs down and, as usual, the most important one is to plan ahead. To help create a smart spending plan to take you from Black Friday through the holidays, consider the following tips:
Start with a thrifty and tasteful meal. Start the holiday off right by keeping Thanksgiving meal costs in check. Consider making your meal potluck—guests are typically more than happy to bring a dish to share. Keep your eyes open for coupons and specials at nearby grocery stores. Also, avoid expensive name brands when it really won’t make a difference.
Develop a plan. Thrifty holiday shopping requires a plan. First, figure out who’s on your gift list and determine how much you plan to spend for each person. To prevent the urge to overspend, use cash and leave your credit cards at home. Realize that the holidays involve more expenses than just gifts. In fact, studies show that consumers should budget more than $500 for non-gift expenses such as travel, entertaining and decorations.
Consider cyber-shopping. When done correctly, shopping online can help—you will save a lot of time and comparison shopping is a breeze. You won’t be alone - comScore reports that online retail spending reached nearly $441 million during Thanksgiving week in 2005. Be cautious when shopping online. Most online purchases are made with a credit card so be sure to monitor your spending and your balances.
Think outside the mall. Use your time to decorate for the holidays or address holiday cards. Even better, start the season off right by giving your time to the less fortunate. Consider serving meals to the homeless or paying a visit to a local nursing home, hospital or animal shelter. Don’t forget to make time for what might be some much-needed exercise.
“Lastly, remember that holiday memories should last a lifetime,” said Cate Williams, vice president of financial literacy for Money Management International. “The spirit of the season is far more important than the monetary value of the gifts you give.”
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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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