Banker's Org Suggests, Spend Carefully this Holiday Season

With consumer sentiment hitting a 7-year high in November, the New Hampshire Bankers Association (NHBA) released several consumer-spending tips today (12/1) amidst expectations of shoppers’ increased participation in the retail economy this holiday season.

“This is a festive and exciting time of year, but holiday shopping can sometimes overwhelm consumers and hardworking families,” said Christiana Thornton, President and CEO of the NHBA. “Careful budgeting and spending during the shopping season can make the experience more enjoyable and reassure consumers.”

The NHBA offered the following tips to help consumers spend within their means and ensure a good financial start to the New Year:

• Develop a budget. Before you start shopping, develop a realistic budget. Consider your income, subtract your normal monthly expenses, and then add any previous savings to the monthly surplus. If you need to use your credit card, think about what you can afford to pay back in January. Don’t forget to factor in costs beyond gifts, such as postage, gift-wrapping, decorations, greeting cards, food, travel or charitable contributions.
• Spend carefully. Avoid shopping while rushed or under pressure, which can lead to overspending. Make sure to comparison shop, or download an “app” that lets you compare prices before you finalize your purchases. Before you head to the cashier (or online “checkout”), make sure your purchase is within the budget you set.
• Avoid traps. Finding a spectacular sale on something you’ve wanted can easily throw you off course. Stay strong and stick to your budget. And, don’t apply for store credit cards you don’t need just to get a one-time discount.
• Use credit wisely. Limit the use of credit for holiday spending. If you must use credit, use only one card, preferably the one with the lowest interest rate, and leave the rest at home. Pick a date when you can pay off your holiday credit card bills, and commit to paying off the balance by that time. Be sure to check statements for unauthorized charges and report them immediately.
• Save your receipts. Not only will you need them for possible returns, you’ll need them to keep track of what you’ve spent and to compare with your credit card statement. Knowing how much you spent will help you plan for next year, too.
• Thornton added, “A good New Year’s resolution would be to open a Christmas or holiday savings account for next year, which helps consumers to budget and plan ahead.”

About the New Hampshire Bankers Association:

The New Hampshire Bankers Association is a statewide, not-for-profit trade association representing and serving all of the banking institutions in the State of New Hampshire. The mission of NHBA is to promote the general welfare, usefulness, and public perception of banks and banking institutions to the betterment of New Hampshire, its economy, and all its citizens.

For further information, please visit NHBankers.com or call 603-224-5373.

Submitted text.