PULSE / Business Corner
written by: Kathy Leavesley
Topic
Financial education never stops. As people age and transition into different stages of life, their financial decisions can become more complex. This is es- pecially true in challenging economic times. All year long and especially dur- ing the holidays, the following tips can help you plan (and budget! ) for shop- ping excursions big and small.
1.) Include everything when budgeting. One of the easiest ways to bust your bud-
Tips
get is to fail to acknowledge the soft costs of shopping like parking, lunch at the mall, babysitting, gift wrapping, etc. Receipts and records from last year can be a great place to start. Remember, it’s always better to overestimate than underestimate.
2.) Involve your entire family in the bud- geting process. If you expect everyone in
your family to adhere to the budget, they need to have input in setting it.
3.) Write it down. It’s not really a budget until it’s on paper. Having it on paper pro-
vides a way to measure your success and keeps you on task. Post it in a place for ev- eryone in your family to see and chart your progress.
22 | Pulse Magazine SWFL
4.) Consolidate your cards if making purchases on credit. Spreading purchases
across multiple cards makes it more diffi- cult to track expenses and maintain your budget. When using credit, think of it as a short-term loan and select the card with the lowest interest or the one that provides reward points or frequent-flier miles.
5.) Consider giving a “bake it, make it, sew it” gift. Not only will you save money,
the recipient is likely to appreciate a gift you make more than one you purchase.
6.) Don’t shop for sales, shop for prices. It’s easy to find sales, but bargains might
be harder to come by. Visit resources on- line that allow you to compare prices and research product price history.
7.) Consider the gift of giving to others. Making a contribution to a worthy non-
profit organization in the name of a loved one can be a wonderful gift. You’ll be help- ing others in your community and you may benefit from a tax deduction.
8.) Find the best deal when shipping gifts. The price to ship gifts across the country
can vary greatly depending not only on the weight of the package you’re sending, but the carrier and the type of service you select. Prepare your boxes for mailing at home to save on packing supplies.
9.) Ask about sales adjustments and monitor prices after you purchase. Ever
purchase an item only to see it go on sale the following week? Many retailers allow you to get a credit or refund for the dis- counted amount. Savvy shoppers use price comparison websites to receive alerts when prices drop.
10.) Save your receipts. Examine your receipts carefully before you leave the store
to be sure all the appropriate discounts were applied. It’s also a good idea to compare your receipts with your credit card statement to en- sure there are no price discrepancies.
About the Writer:
KATHY LEAVESLEY Ms. Leavesley assumed the role of Senior Vice President, Director of Marketing at Fiſth Third Bank in February 2009 and managed the bank’s local reputation and brand through a challenging banking environment. She is responsible for providing strategic marketing counsel to the Affiliate President
and Line of Business Executives within the South Florida Affiliate. Prior to joining Fiſth Third Bank in 2007, Ms. Leavesley’s over 20 year financial service marketing experience includes Vanguard and Advanta Financial Services.
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