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Holiday Finances
“According to a survey by Consumer Reports, shoppers planned on spending about $699 over the holidays last year, but in a follow-up survey, admitted to actually spending closer to an average of $811, 16% more than planned” 11/2/10
Creating a budget, and being disciplined enough to follow it, is one of the best ways to avoid overspending during the holidays
Small purchases start to add up, especially over the holidays.
Gifts
Decorations
Travel
Charitable Donations
Tips For Smart Shopping
Shop around
Look for price matching policies
Go online
Carefully consider bargain offers that are based on purchases of additional merchandise
Tips for Smart Shopping
Clip coupons
Ask about sales adjustments
Consider layaway
Keep an eye on your wallet
Tips for Smart Shopping
Use credit and debit cards with care
Ask about refund and return policies
Keep good records
Ship early
Online Shopping Safety Tips
Protect your computer
Shop on trustworthy websites
Protect your personal information
Beware of deals that sound to good to be true
Online Shopping Safety Tips
Beware of phishing
Confirm your online purchase is secure
https:// and “lock” symbol
Pay with a credit card
Keep documentation of your order
Know your rights
Online Holiday Scams
Quizzes, polls and contests
Auctions and deals to good to be true
Phony charities
Malware-ridden holiday cards and programs
Vacation homes not really for rent
Mistakes to Avoid
Don’t underestimate what you spend
A holiday budget helps give perspective on what you think you spend versus what you actually do spend
Guilt
Guilt seems to be the biggest source of overspending
Homemade gift guilt
Equalizing to excess
Surprise gift guilt
Procrastination
Putting off holiday shopping may cost you
Last minute shopping frenzy
FedEx folly
Holiday Spirit Overdrive
A financial crime of passion. An insane impulse overcomes you….holiday joy?...the spirit of Santa?...
Debt of 1000 gifts
Parental panic
Manic Perfectionism
Miscalculations
Miscalculations of volume, time, or value
Shopping by the truckload
The 12 days of shopping
Art-Fair amnesia
Personal Safety
Avoid carrying large amounts of cash. Limit the number of credit cards that you carry.
Be aware of strangers “accidentally” bumping into you. Pick-pockets use this as a diversion.
Avoid carrying large packages that block your vision and make you a target for thieves.
Personal Safety
Avoid shopping until you are exhausted. You are more alert when you are less tired.
When hurried or in a crowded shop, make sure you get all forms of identification and credit cards returned to you before you leave.
If you see a van parked next to your car, you can choose to enter your car through the passenger side.
Holiday Spending Tool
AFSAEF (American Financial Services Association Education Foundation) has an interactive online calculator
www.afsaef.org/HolidaySpending.cfm
Sample Spending Plan