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Press Release
Tuesday, November 13, 2007
Black Friday: Why it's different this year
CCCS Dallas offers tips to get through a new kind of holiday shopping season
Dallas - November 12, 2007 - Getting up at 5 a.m. for a "doorbuster" the day after Thanksgiving isn't the event it used to be. With online shopping gaining popularity and sales starting weeks before Thanksgiving, consumers opt to sleep in and avoid the crowds, knowing they will save just as much money another day. This year, large retailers across the county are opening early, closing late and slashing prices weeks before Black Friday.
With increasing worries that high gas prices, the credit crunch and the weak dollar will stifle holiday spending and consumers' budgets, retailers are offering a plethora of sales, discounts, rewards programs and incentives to buying - all before Thanksgiving. According to Forbes.com, retailers allow for about 50 percent of their sales into the fourth quarter and their apprehension is legitimate.
"Restricted budgets are making consumers pay special attention to the best bargains this season," said Bettye Banks, senior vice president of education for Consumer Credit Counseling Service of Greater Dallas. "With holiday sales popping up weeks before Black Friday, consumers should carefully track their purchases so they are not tempted into shopping each and every holiday sale from now until Christmas. Retailers may be offering incredible deals, but shopping all of the sales will easily break one's budget."
To stay organized and prevent being overwhelmed, CCCS advises consumers to be overly organized and pay special attention to their shopping list the year. The following tips will help consumers navigate merrily through the "good" deals of the season - while keeping their check books "in high spirits."
Develop a spending budget. Write down essential household and personal expenses for November and December. This year gas prices are much greater, and heating your home will most likely be necessary. For each month, subtract the total amount of expenses from your monthly take-home pay. The amount left over each month becomes a starting point to gauge how much you can afford to spend.
Do your homework. Research all the sales flyers and come up with a plan of action and route that makes the most sense. With $3 per gallon gas, shopping several stores to get the cheapest prices, may not be the most economical idea.
Take advantage of free shipping. Most online retailers are offering free shipping this year. With several retailers selling the same items, you're bound to find an online retailer with free shipping if you do a little searching. Just make sure you're buying from a secure site.
Check your list. Make a list of all the people you need or want to buy gifts for, including small gifts for babysitters, teachers, newspaper deliverers, etc. Include money you'll spend on each and every gift, as well as Christmas cards, postage, holiday parties, decorations, holiday entertainment, etc. Be sure to check it twice-these small gifts can add up and are often the cause of going over your gift budget.
Be Savvy. Pay with cash when possible and leave your checkbook and credit cards at home to avoid temptations for unplanned and unnecessary purchases. Many retailers are luring customers this year with rewards programs for using their credit cards and coupons that require purchases. These paltry rewards are not worth the extra money you spend to get your "reward." Also be sure to keep receipts so you can get the full amount you spent on the item if you or the recipient needs to return it.
Be safe. Keep a watch on your purse or wallet at all times and shred receipts and credit card offers. When budgets are tight, theft is more rampant. Especially identity theft. So be sure to only shop secure and trusted online retailers.
Avoid the post-holiday debt hangover by not overspending. Make short shopping trips and compare your lists against your purchases to make sure you have what you planned with no duplications. Tally the receipts from all holiday expenses, including gifts, postage, meals, entertainment and decorations. Once you've completed your shopping list, stop shopping! You may see an advertisement for another great sale, but remember there will always be good sales. If you're done, you're done. You can take advantage of any saved time to spend with your family this holiday season.
Don't go shopping at the last minute. Don't shop tired! You truly just want to get out of the stores and rest. This means you can make very costly mistakes. Shopping under stress can lead to more spending. Emotional spending also drives the dollars you dish out. With so many sales in advance and apart from Black Friday, there is plenty of time to buy your gifts-all at great prices. Check online before driving to the store and call in advance to make sure they carry the particular gift you are looking for.
CCCS can help you create a plan you can live with - one that helps you budget your money this holiday season so you and your family can have a happy New Year. Contact your local CCCS office for more information on financial education and free debt seminars, or call (800) 249-2227 or visit www.cccs.net.
About CCCS of Greater Dallas
Consumer Credit Counseling Service of Greater Dallas, Inc. is a non-profit, community based credit and debt management service. Established in 1974, CCCS Dallas and its affiliate offices provide financial education and counseling to consumers in-person, by phone, or Internet through their 24 locations in four states. CCCS Dallas is a member of the National Foundation for Credit Counseling (NFCC), the nation's largest and longest serving national non-profit credit counseling network. For more information, visit www.cccs.net.
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