Summary
Retailers don't predict this will be a banner year for retail sales. But they do predict a solid four percent increase in spending over last year. Rising unemployment rates and increases in energy and gasoline costs over the past year have dampened holiday spending at bit. The percentage of Americans who said they would spend less this year than last year jumped from 13 percent to 18 percent according to the results an annual survey commissioned by the Consumer Federation of America (CFA).
Make Budget, and a List: Right now, decide how much you can afford to spend and stay within that budget. Make a price list of all gifts and other holiday items you plan to purchase. It's easy to overlook ,extra expenses for holiday foods, party clothes, holiday décor and postage a rule of thumb: your holiday budget should be your net income multiplied by .015. For example if your net income is $50,000 your holiday budget would be $750.Pay Off Debts Quickly: You're less likely to overdo it if you pay in cash. If you must make holiday purchases using credit, use a lower-interest card and pay off this debt as soon as possible early next year. Don't borrow more than you can repay in several months. Remember that credit card debt is relatively expensive. And if you only make the required minimum monthly payment, you may never pay off the debt.Ask your credit union or bank to automatically transfer funds from your checking to your Christmas Club account every month.See the full content of this document
Extract
On Your Mark, Get Set, Slow Your Roll
The holiday season is officially here.
Retailers don't predict this will be a banner year for retail sales. But they do predict a solid four percent increase in spending over last year. Rising unemployment...See the full content of this document
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