Talking About Christmas Shopping During Tough Economic Times
Reported by Jaime Meyers of CBS TV21
Thanksgiving hasn't even happened yet, but that doesn't mean many people aren't focusing on holiday shopping already.
CBS 21 has some advice from a financial advisor to make sure you aren't starting off the New Year with serious debt.
When it comes to controlling your wallet, Financial Advisor Ed O'Gorman with FMA, says the best way is to make a plan before you leave the house.
“Make a list of who you're buying for, how much you want to spend on each person and your overall budget,” O’Gorman stated. Also, factor in if it will impact next year’s budget.”
You can also get help from many banks and credit cards by signing up for text and email alerts when you hit certain amounts.
Shopping around for the best deal applies to credit use too. Many stores try to lure you in with zero percent grace periods, but there's usually a catch.
“If you don't get it paid off, it's likely there will be fees on the back end,” O’Gorman continued. “There may be interest due if there's a penny left, there's going to be a big bill.”
Use Thanksgiving's family gathering as an opportunity to talk about spending limits or doing a Secret Santa gift exchange.
“With the economy we're in, a lot of people are out of jobs and you might find this is a welcome conversation after the turkey Thursday,” O’Gorman advised.
Some creative ideas can also help your budget too. Ed says some of his family members take his kids to the zoo as their gift.“You're going to defer the expenditure to spring, it won't be a big expense and you'll have a great time,” concluded O’Gorman.