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Minimize Credit Card Spending During the Holidays
The holiday shopping season is a much-anticipated
time of year for both the retail industry and
consumers. For the retail industry, the largest
percentage of their sales are earned during the
holidays by consumers who have failed to plan and
are easily lured to make impulse purchases for
shiny new gadgets. Consumers on the other hand
make a dash for the mall,
credit card
in hand, in search of a thrill from the fancy
decorations and Christmas music, the sale signs,
and the crowds. At the end of the day, or shall I
say in January after things have calmed down,
consumers are weeping because of their huge credit
card bills wondering where all the money went and
retailers are laughing all the way to the bank or
the board room. While, its not such a bad thing
for the retail industry, how can we as consumers
make sure that we are not weeping but celebrating
along with the industry? It is simple. We can
develop a plan and a budget, which includes
shopping year round for gifts and doing some
comparison-shopping.
Christmas comes the same time every year. We have
approximately 12 months to develop a plan and to
execute it if we desire to save money and keep our
credit card balances low. Why wait until December
1 or Black Friday to begin our Christmas shopping?
For the adults and even some of the children on
our list we can shop for gifts year round. Why not
begin in January or early February when the winter
clearance begins for many retailers? Or stock up
on the latest toys and gadgets at significant
savings on the day after Christmas. To avoid the
long lines the day after the holiday, shop online
where the deals have proven to be just as good.
Some merchants even offer free shipping. Be on the
look out for online coupon codes and free shipping
offers.
Your plan should also consist of making a list,
which includes the names of all the family
members, and friends that you need to purchase
something for along with a gift or two that is
representative of them and your relationship. Then
you should develop a total budget using the
highest price item of the two that you listed and
make the conscious decision to adhere to that
bottom line. After you’ve done this, prepare to do
some comparison-shopping, which you can do from
the comfort of your own home. The thing about
comparison-shopping is that you must give your
self enough time; this is not for procrastinators.
Check the Internet sites of competing retailers to
see who has the best price and check the weekly
advertisements too. This way you know what you
want and where to get it before you leave home,
which will reduce the number of impulse purchases
you make and reduce the temptation to pick up
things along the way.
Don't become trapped in credit card debt year
after year during the holiday season. Make a
decision to develop a plan and follow it. Decide
early on who you want to purchase gifts for and
select the ideal gift. Then develop a budget that
you can adhere to that will cover the expense of
all these gifts. Finally, allow yourself enough
time to do some comparison-shopping. Watch for
sales cycles and weekly advertisements from those
same merchants. Then make up your mind to be done
or at least 95% complete with your holiday
shopping before December 1st. By having a plan and
make a concerted effort to stick with it, you can
ensure that you will be rejoicing at all the money
you saved in January because you made the decision
to stop letting retailers control your credit card
spending.
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