Plan to Not Overspend - Inland Valley News

Avoid Impulse Purchases That Can Derail the Family Budget

Riverside, Calif. ? As Black Friday approaches, Springboard Nonprofit Consumer Credit Management, Inc. (?Springboard?) is encouraging shoppers to be mindful of their budget before heading to the malls. Traditionally, the day following Thanksgiving Day or Black Friday as the day is referred to in the United States, signals the beginning of the holiday shopping season. With retailers opening early and offering wide-spread promotions on everything from clothing to electronics, consumers can be tempted to purchase items they do not need or otherwise would not consider buying.

?With all the attention surrounding the day after Thanksgiving, it?s easy to understand why so many consumers get caught up in the excitement,? said Sheri Stuart, Springboard?s education department manager. ?We strongly encourage consumers to review their budget before heading out on Black Friday. Avoiding impulse purchases during the holidays can help consumers start the New Year without unwanted debt,? said Stuart.

Springboard encourages all shoppers to have a plan before deciding to head to the stores on Black Friday.

Get organized: Before you head to the store, make a spending plan to outline how much you can afford to spend on each person on your list. If you take this with you when you shop, it may be easier for you to stay within your limits. Springboard?s Holiday Budget Calculator can help you determine how much to allocate for gifts and holiday events while remaining within your budget.

Don?t create new debt: Consumers tend to charge more on their credit cards during the holiday months. Using credit cards on Black Friday can be problematic because it could conflict with your goal of saving money. Unless you?re able to pay off the balance completely at the end of the month, you will end up paying finance charges on your purchase. This could cost you more than you would have paid if you just bought the item at full price. Consumers can avoid this by choosing to pay with cash or a debit card.

Remember what?s important:Never feel pressured to buy something just because it?s on sale. Springboard?s credit counseling encourages consumers to prioritize their spending and plan for the future. If you?ve been saving up for an expensive item, Black Friday can be a great opportunity to save money on your purchase. If you haven?t set aside much money for the holidays, it may be best to skip Black Friday all together. Instead of buying a lot of gifts, try looking into alternatives, like organizing a secret Santa or gift swap with your family or friends ? a way to still partake in the gift-giving festivities without stressing your budget.

About Springboard Nonprofit Consumer Credit Management
SPRINGBOARD? Nonprofit Consumer Credit Management, Inc. (?Springboard?) is an IRS 501(c)(3) nonprofit personal financial education and counseling organization founded in 1974. Springboard is an approved housing counseling regional intermediary by the U.S. Dept. of Housing & Urban Development, and is accredited by the Council on Accreditation signifying the highest standards in the industry for agency governance, fiscal integrity, counselor certification and service delivery policies. In addition, Springboard is a member of both national industry associations; the National Foundation for Credit Counseling and the Association of Independent Credit Counseling Agencies. Springboard offers personal financial education and confidential counseling in foreclosure prevention, rent, reverse mortgage, pre-bankruptcy and debtor education, and debt and money management. Springboard provides telephone counseling services nationwide, and maintains offices in California, Arizona, Nevada, New Mexico, Texas, South Carolina and Massachusetts for in-person sessions. Not all types of counseling are available at all locations. For more information on Springboard, please visit their web site at www.springboard.org.

Source: http://www.inlandvalleynews.com/2012/11/21/plan-to-not-overspend/

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