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By S. Ann Johnson
While you’re dreaming of a green Christmas, Jack Frost is nipping at your pockets, and suddenly Christmas
isn’t so merry. But you better not cry, better not pout I’m telling you why: Santa Claus can still come to your town.
These tips will help you shop smart this year and dodge debt in the New Year.
Tip # 1: Don’t spend what you don’t have
Microsoft Excel spreadsheet.
“Don’t make the mistake that everyone in the country
Put down your weekly income, subtract your expens-
has made in the last couple of years, which is spend
es, and set aside some savings. Whatever is left becomes
more money then they had,” said Darnell Gibbons, a
your holiday shopping allowance.
mutual fund accountant for State Street Corporation in
Princeton, N.J.
Tip #3: Bargain shop
Gibbons said that overspending is what contributed to
Also, don’t forget to ask yourself, "Is this cheaper
the current state of the economy— an increase in repos-
online?"
session, foreclosures and a $700 billion bailout plan for
"The one thing I learned is that technology is a lot
Wall Street.
cheaper online,” said Gibbons.
“I don’t see the bailout working,” said Tyrone
Ebay and Amazon offer discounts on gen-
Hutchins, staff auditor for the Government
tly used items. For fresh ideas, also try Gifts.com,
Accountability Office in Washington, D.C. “It may work
PersonalShopper.com and FindGift.com.
in the short term, but if it doesn’t instill confidence in
Post-holiday shop. After all, a pair of boots will still
investors and buyers, it’s not going to work overall.”
be a pair of boots on Dec. 26. They’ll also be a lot
Likewise, “because of the way the market is moving,”
cheaper.
Gibbons added, “banks lose money and they don’t lend
as much. People then have less access to credit and less Tip # 5: Be innovative
money to spend on other things.” When you receive presents that you’re not going to
use, recycle them as gifts to folks who will.
Tip # 2: Budget your money
Put your skills to use. Knit or crochet scarves, write a
“Cut back on things you don’t need,” said Hutchins.
poem and frame it, create coupons for favors or chores,
“You don’t really need that Starbuck’s coffee.”
or make a family calendar with family photos and kids’
Gibbons also suggests tracking your expenses in a
drawings.
18 Trends A publication of the Afro-American Newspapers
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