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Blogging for Change Blogging For Change
by sitecore\kmcgrigg on October 29, 2008

If you're like most people, you are planning to scale back this holiday season. The National Retail Federation’s (NRF) 2008 Holiday Consumer Intentions and Actions Survey predicts the lowest increase in planned consumer spending since the survey began in 2002. In addition, consumer confidence fell to an all-time low in October.

The NRF survey reveals that consumers plan to spend an average of $832.36 on holiday-related shopping, up what is described as a “paltry” 1.9 percent over last year’s $816.69. When you consider the fact that the consumer price index is higher by almost 5 percent over last year, the small increase in planned spending actually represents a decrease in buying power. Clear as mud, right? The bottom line is that we all need to think of creative ways to minimize the financial impact of this holiday season.

If you plan to change the way you approach the holidays, we'd love to hear from you. Our communication and education teams are busy preparing materials and tools to help consumers financially survive the holidays. What financial information or tools would be most helpful to you?

Posted in:  Budgeting Advice

Comment(s)

Kim McGrigg says:
October 30, 2008
Website: http://moneymanagement.org

Scott, I think the key is to make it automatic. Remember the Christmas Clubs that were offered by banks during the Great Depression? Ask your bank to have a small amount automatically decucted from your checking account into a seperate savings acount each month. Start small. If you save $25 a month this January, you'll have $300 cash to spend on the 2009 holiday season. Kim



Kim McGrigg says:
October 30, 2008
Website: http://moneymanagement.org

Great idea, Shannon. I'll work on that list -- check back soon!



Scott Sentmen says:
October 30, 2008

every year i wish i had started saving at the beginning of the year.... how do you get in the habit of getting that done? does anyone know.



Shannon says:
October 29, 2008
Website: http://www.moneymanagerslive.com

Thanks for the post. Along with most people my husband and I plan to scale back our holiday spending this year. It would be helpful to have a list of say "the top 10 ways" you can save this holiday season. That would be helpful for me.



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