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Last Updated: Jul 2nd, 2008 - 21:15:22 |
(ARA) – The holidays can be one of the toughest challenges for your budget. According to the National Retail Federation (NRF), total holiday retail sales are expected to increase 5 percent over last year, bringing holiday spending to $457.4 billion. How much do you plan to spend? The key to avoid overspending during the holidays is to have a budget and stick to it. Of course, that can be a lot easier said than done.
Here are some suggestions for taking control of your holiday spending:
* Review your credit report -- Before you start your holiday spending, request a copy of your credit report from a Web site such as www.experian.com. Verify that there are no inaccuracies or unfamiliar accounts on the report. Your credit report will also remind you just how much money you already owe on each of your credit card accounts. Keep this in mind as you put together your budget for the holidays.
* Make a list, check it twice -- Keeping in mind your current financial situation, write down all the gifts you expect to buy, and set a realistic budget for these purchases. Talk to your family and friends about setting a price limit on gift exchanges. You may not want to be the one to broach the subject, but chances are the suggestion will be welcome.
* Keep track of your spending -- As you shop, keep a running tally of how much you’re spending and how close you are to your credit limits. This running total can help you avoid the urge to splurge. “Try to keep credit card balances low and especially avoid charging them to the limit. Otherwise, creditors may view it as excessive debt and be concerned you may not be able to pay as agreed,” says Maxine Sweet vice president of public education for Experian, a global information solutions company. “The average consumer debt nationwide is $11,928 with people using 23.5 percent of their available credit.” You can see how your credit usage compares to others in your area by visiting the National Score Index Web site at www.NationalScoreIndex.com.
* The best deal may not be at the mall -- The Internet makes it easier than ever to compare prices on just about any item. Better yet, around the holidays, many Web sites offer special incentives such as free shipping.
* Give gift cards -- They’re easy to shop for, you can choose an amount that fits your budget, and the recipients get to choose something they really want. And, they’re easy to wrap and ship.
* Monitor your ATM and charge cards -- “Identity theft and fraud is always a concern, and the busy holiday season is prime time for these types of crimes,” cautions Sweet. “Don’t be an easy target. Pay extra attention to your cards and receipts. Monitor your credit report and check your monthly statements for any inaccuracies or fraudulent activity.”
Regardless of how much money you spend, you can make the holidays meaningful this year. Don’t feel pressured to overextend your budget when a kind gesture or thoughtful word will be appreciated just as much as an expensive trinket.
For more information on checking your credit report, visit www.experian.com.
Courtesy of ARA Content
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