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Shopping This Holiday Season? Five Tips to Keep in Mind

As consumers hit the stores this holiday season, some are experienced shoppers, having weathered many years of finding just the right gift at just the right price, others, not so much. Nonetheless, whether novice or seasoned veteran, it’s always smart to arm yourself with timely shopping tips.

OnTrack WNC recommends five smart shopping tips during this holiday season:

Shop locally whenever possible.  Whether shopping for gifts or sharing a dinner out at a restaurant, consider spending your money at a locally owned business.  Studies show that for every dollar spent at a locally owned business approximately 45 cents is re-spent in the local economy, compared to a meager 14 cents at a big-box chain.  Tip:  When planning your shopping outing, think about the gifts you intend to purchase. If they are available at local stores, prioritize your route to stop at those stores first before traveling to chain stores. 

Shop with a list. Santa thinks it’s a useful tool, and so should we. Tip: Make your list specific. Don’t just include the names of those for whom you need to purchase a gift, but also include the specific item you’re looking for, and most importantly, the amount you intend to spend. Having an overall holiday budget floating around in your head isn’t good enough. Without a plan, you’ll likely get caught up in the hype and overspend in the blink of an eye.

Don't pile new debt on top of old. Some people are still paying for 2010 holiday expenses as they enter the 2011 buying season. Don’t make your financial situation worse by being one of them. Tip: Think about it - you’re buying for friends and relatives who will be the first to understand if you need to cut back. If you are in a tenuous financial situation, it will only be made worse through irresponsible spending. Consider writing a heartfelt note as your gift to those on your list, being sincere about your feelings toward them and why they mean so much to you. Most people can’t recall what they received last Christmas, but this will be a treasured gift remembered for years to come.

Don't shop while in a hurry or at the last minute. You’ll end up spending more than you should simply to be able to mark the item off your list. Tip: Block out a specific time for shopping. Make your first trip a leisurely one, simply getting an idea of what’s available this year and at what price. Take notes, and once back at home, get organized for the actual buying adventure.

Don't carry your checkbook, large amounts of cash, or more credit cards than you will use during that shopping trip. If your wallet is lost or stolen, this will limit the damage. Tip: Make a copy of the front and back of all credit cards and put the list in a safe place at home. In an emergency, you will have easy access to a list of all your cards, the account numbers, and the bank’s Customer Service number to report the incident.

“The holidays can be particularly difficult for those unemployed or facing foreclosure. However, even if your situation is not that serious, we’re living in tough economic times, and no one should be spending money they don’t have,” said Celeste Collins, OnTrack WNC Executive Director. “Being financially responsible this holiday season is a gift to yourself and to those you care about.”

Want a little extra help? If you need help creating a holiday budget or paying off an existing debt load, don’t delay reaching out for help. Call OnTrack WNC at 828-255-5166 x 3 to schedule a free appointment with one of our financial counselors or to register for a free education course like Avoiding the Holiday Spending Hangover.

For more tips available online, view and download our Guide to a Festive & Frugal Holiday Season to help you plan your holidays!

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