4. December 2011 17:11
Now that the holiday season is here, consumers should take extra precautions to avoid overspending and getting themselves in financial trouble. The holidays are an exciting time for many; especially those who take shopping to the extreme and want to buy the perfect gift for each person on their list.
It’s easy to get caught up in the frenzy. And this year’s Black Friday shows we’re starting out strong. According to the National Retail Association, the average shopper spent more than 9% on Black Friday this year over 2010 – more than $400 each. Additionally, the New York Times states 6.6% more shoppers opened their wallets this year than last.
Planning ahead and creating a spending budget is the best way to stay within your spending means. Most bankruptcy attorneys agree with Sara Gilbert, a debt relief specialist for GreenPath Debt Solutions: Make a list and start that list now …So you have a good notion of what you're going to spend for each person that's on your list.
This may also be a good year to start some new traditions that will help save a few dollars:
· Draw names for gift exchanges instead of buying for everyone in your extended family
· Make homemade cookies or fudge for your co-workers, neighbors, and teachers
· Instead of gift exchanges, start new traditions – caroling, craft making, volunteering
Afterall, holiday traditions create far more powerful memories than holiday gifts.