Holiday Shopping Tips That Go Beyond The Traditional Cliche Stuff You See Everywhere
Tip 1: Take an extra step when setting your holiday budget. Take actual cash and place the amount you plan to spend on everyone in individual envelopes with their names on it. Then when you’re out and thinking about overspending, you have to reach into someone else’s envelope instead of from your savings or putting more on your credit card. Cash helps you feel the pain now instead of delaying it
Tip 2: If you are going to use your credit card, know when your billing cycle starts. By waiting until after your billing cycle starts you’ll actually increase the amount of time by which you have to pay off your purchase by over 30 days.
Tip 3: Don’t push bad financial decisions into next year. One of the worst things you can do it set yourself up for another year of not keeping your new year financial solutions by ignoring the impact of overspending will have on you as you start 2010. Create some good Financial Karma right now
Bonus tip: Your not alone if money is tight this year. Ask your family to be creative in gift giving this year to save money. Pick names or agree to all go to the dollar store and find the funniest gift for someone. The holidays are about celebrating family and traditions, not stuff.
For Online Shoppers
Pay by Credit Card Rather than by Check or Debit Card:
Paying by Check and debit card uses funds available from your bank account. Credit cards, on the other hand do not, which offers greater protection against fraudulent purchases. If an unauthorized charge appears on your monthly credit card statement, it can be disputed without much effect on your bank account and financial life. Additionally, you reduce the risk of someone stealing your pin as they watch you type it in at a busy and crowded register.
Use one specific card for online purchases:
Use one credit card with a low credit limit (under $1,000) for your online purchases. This way, if your personal or credit card information is stolen it will limit the extent of the damage and save you months of financial repair.
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Bob Laura is a financial expert and partner with Synergos Financial Group. He is an accredited financial counselor, accredited asset management specialist, chartered mutual fund counselor, and chartered retirement planning specialist.
He is the author of The Five Most Important Financial Things They Don’t Teach You In School and creator of myFinancialReflection.com, the first financial software program that doesn’t use any numbers.
The Power of Credit Cards, 76% of Americans Cutting Back , Health Costs of the Economic Downturn, More Jobs for High School Drop-outs Than College Kids
Financial FYI: Interesting Financial News, Statistics, & Research
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Power of Credit Cards
In one experiment, researchers at MIT had people submit sealed bids for a pair of Boston Celtics tickets. Half of the participants were told they could pay with a credit card, half were told it was cash only. The average bid for people expecting to charge the tickets was twice as high as for cold, hard dollars. Scientists have also found that when people feel blue, for instance, they tend to both over-shop and overpay, by as much as 300 percent compared to when they are not depressed. Source: Newsweek.com. Read Full Story.
76% of Americans Cut Back On Holiday Spending
According to Consumer Reports, 76% of Americans plan to cut back on spending this season, particularly on gifts and travel. Source: Kiplinger.com. Read Full Story.
Health Costs of Economic Downturn
About one in five midlife and older adults have had their health negatively affected by the current economic downturn, and about one in six are not confident about being able to afford medical care next year, according to this October 2008 survey of adults age 45 and older. Source: AARP.com. Read Full Story.
More Jobs For High School Drop-outs Than College Kids
In November the number of people with a higher degree who were out of work rose to 1.413 million from 1.411 million in the previous month, according to the Bureau of Labor Statistics. Comparatively, there were 1.282 million unemployed high school dropouts, up slightly from 1.273 million in October. Source: money.cnn.com. Read Full Story.
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