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$923.36. How will you stack up?
By Michelle P. Sharrow, MBA
That's right. $923.36. What does that figure represent? According to an article recently posted on CNNMoney.com, it is the average amount that Americans are expected to spend on gifts this holiday season. This figure was reported in the results of the National Retail Federation's 2007 Holiday Consumer Intentions and Actions Survey. Do you think you'll spend that much?
Just a few weeks shy of the official kickoff, headlines over the past month indicate that retailers like Wal-Mart, L.L. Bean, and Toys"R"Us have already started offering subtle deals to lure customers in. Just as I did last month, I'd advise you again not to wait until the holiday ads are circulating to begin your shopping. As a matter of fact, we all know that most major department and chain stores offer discounts around federal holidays. The next holiday, Veteran's Day-observed on November 12th, is an opportune time to catch a deal.
Not a lover of crowds, as I recommended in my last column, I got started last month. While I only have one person, my three year old son out of the way, with about $150 spent, I can still guarantee that I won't hit the $900 mark.
How can you keep yourself from hitting this mark? Take advantage of friends and family sales. Many retailers offer 20 percent off of regular and sale purchases to loyal customers via mail or e-mail once a year. As a matter of fact, I just scored the Fisher Price Smart Cycle for just $79.99 plus tax from Toys "R"Us after using a Friends and Family Coupon for 20 percent off last week. I learned of the dates for the Toys"R"Us sale through Babybargains.com a website that I've frequented since I was pregnant with my son. Over the past few years, I have found it to be a great place to find information on discounts and bargains for children's items and other household essentials via their message board, Bargain Alerts. Both my husband and I can appreciate the money we've saved by visiting the site regularly.
Don't forget discount websites. You can also save by visiting discount websites such as E-bates who will give you great deals and percentages off for free after you register for an account and password on their website. In the past week, I've also received an email from Upromise.com, the college savings website, promoting discounts on certain items. While you may not get the money saved back in hand to put towards your Christmas budget, you could add it to your college savings account to help with the educational expenses of your young children. You've got to think outside of the box.
There are many ways to limit your expenditures this holiday season. In times of economic uncertainty amid growing defaults and turmoil in the housing industry, don't just give your money away. Keep your eyes open and your purse close in search of great deals on fab finds this holiday season. Aim to spend less than $923.36.
If I still haven't convinced you to get started before Black Friday because you just can't live without the rush of the crowd, Bfads.net has recently added 2007 ads from Sears and Harbor Freight. Be smart, plan ahead.
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Michelle is a freelance writer based in Waldorf, Maryland. Her areas of expertise include finances and parenting. Visit her on the web at http://www.michellesharrow.com.
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