November 10-16, 2010
THE MICHIGAN CHRONICLE
Plan now to avoid a post-holiday financial hangover
By Loretta Humphrey-Cruz The upcoming holiday
season should be a time of joy for you and your loved ones. It is the time for the good cheer and high hopes for the new year and a time for reflection. However, for many families these times may not be so pleasant as they struggle to find holiday cash. Of course, credit cards can solve the im- mediate problem, but they can also come with a myriad of other problems down the line.
Most families do not plan to
increase the balances on their credit cards during the holi- days; unfortunately for some, it just happens. It is deceptive- ly easy to “buy now and pay later.” Some credit card com- panies may encourage cus- tomers to pay the minimum balance or offer “rewards” to get them to swipe their plastic so fast, it starts to melt. There are two simple words of advice — “caveat emptor,” or “buyer beware” — if it sounds too good to be true, it is.
This scenario is a common
practice: Mary Lackincash used her credit cards for her holiday shopping throughout the month of December. Each time she conveniently swiped her card and signed her name, she promises herself to pay the debts off by the end of Feb- ruary. Come July, she is still paying on the holiday gifts that seemed like such great ideas at the time. By the time December rolls around again, Mary will still be paying off those purchases, interest and fees, along with other obliga- tions incurred throughout the year. The vicious, self-perpet- uating cycle repeats into the next year.
With so much power shop-
ping done at one time during the holidays, it can be very easy to forget about the debt that is adding up. There are times when the convenience of credit is necessary, but holiday gift buying is not one of those times. To avoid that post-holiday financial hang- over from credit card debt and to enjoy a little more peace of mind for the new year, here are a few tips:
Plan Ahead Plan ahead by making a
come closer, prices fall but the selection may not be so great. Once you have put all of your ninja shopping skills into action, you’re ready to make some smart purchases.
Decide How You are Going to Pay
Cash is king. Leave the
credit cards at home. Fifth Third Bank makes this even more convenient with a Goal Setter Savings Account. It was created to help put this advice into practice, keeping your savings separate from your day-to-day cash. By the time the holidays roll around again, you will have prepared by saving small amounts at a time, painlessly.
If you have to use credit, do
list of all the people to whom you want to give gifts and how much you can realistically afford to spend on each one. Don’t forget those little things that also add up such as cards, stamps, wrapping paper, gift bags, stocking stuffers, deco- rations, etc. And don’t forget non-family members and close friends that you need or want to buy gifts for such as co- workers, volunteers, childcare providers, teachers, etc. Total all gifts and incidentals to make sure they do not exceed your financial abilities.
Look for bargains early.
It has been a tough year for most of us. Think about cut- ting back on your usual holi- day expenses.
Ways to Reduce Your Gift Expenses:
1. Draw names
2. Make and give gifts from the heart
3. Set specific non-negotiable spending limits before you start shopping
4. Organize an ornament or snack exchange in lieu of tra- ditional gift giving
5. Arrange to provide a per- sonal service such as Friday night baby-sitting, or spring cleaning for a friend
Turkey Trot
tive costumes. Runners can even rent a costume from the Parade Company, the produc- ers of the race, if they don’t have one. (Go to
www.detroit-
turkeytrot.org for more de- tails.)
“For the running communi-
ty the Turkey Trot has been as much of a Thanksgiving Day tradition as America’s Parade and the Lions game,” said Fifth Third marketing director Jack Riley.
What is new this year? Three Wave Start – Fast Fit
& Fun to help runners and walkers take off smoother. Each group will have corre- sponding colored numbers to help place them in the right corral. Fast (8 min. and under pace). Fit (8-10 min. pace). Fun (10 min. and over pace). Fast and Fit start at 7:45 a.m.; Fun at 8 a.m.
Doggie water stops next to
the people water stops. Doggie handlers identified with bibs so runners can go to the bath- room without their dogs.
The deadline for online reg-
istration is Nov. 20. The mail- in deadline is Nov. 20.
Late registration is avail-
able on Wednesday and Thurs- day, Nov. 24 and 25 at Cobo Center.
Last year over 1,000 run-
ners and walkers wore cos- tumes. This is what makes the race “the parade before the parade.” Wearing costumes for the Turkey Trot is an honored tradition and highly encouraged. Prizes are given
From page B-1
for originality and execution. Team themes are especially welcome.
From the first year as the
Fifth Third Turkey Trot with just over 4,000 runners, to 2009 where over 15,000 run- ners participated, the race and the runner experience has im- proved each year due in large part to Doug Kurtis, Race director. No one knows pro- fessional running like Doug Kurtis. He has competed in nearly 200 marathons, win- ning 40 (a world record) and running 76 in sub 2:20 time (another world record.).
Kurtis has focused on im-
proving each year. One of his mantras for the race is to more closely align it with the atmo- sphere of the parade, thus, the push to have runners wear costumes.
“It’s just fun,” Kurtis con-
tinued. “One of the big at- tractions of this race is that people get to run the parade course in front of thousands of people before the parade actu- ally begins. Why not give the spectators something to cheer for? And Cobo will look like the backstage of the parade with costumes, balloons and music. It is a unique experi- ence and anyone can enjoy it.”
The Fifth Third Turkey Trot
also includes a 5K run called the Stuffing Strut and a 1 Mile fun run called the Mash Potato Mile.
For more information or to
register, visit the website at
www.detroitturkeytrot.org.
Shop Wisely – Ninja Shop- ping
Practice ninja shopping.
Before you start spending, window shop. Leave the cash and plastic at home, and hit the shopping center to compare prices, spot values and,make purchasing decisions. Prices may vary from store to store but all of the retailers need to move merchandise, so there will be sales, discounts and other promotions. Keep in mind that as the holidays
it wisely. Use only one card for your holiday purchases. The spending on one card is easier to keep track of. Keep a log of your credit card spending, similar to a check register. Every time you make a pur- chase, record it in your log.
If it has been a financially
burdensome year, consider talking with family and friends about gift alternatives. As you plan your holiday spending, keep in perspective the true meaning of the holidays. The most meaningful gift you can give to someone is the gift of self. The best gift you can give yourself is a debt-free holiday season.
Page B-2
Fifth Third Bank kicks off first annual Give Me Five $ Charity Event
By Loretta Humphrey-Cruz Remember on a chilly November afternoon, in first
grade when your teacher passed out the construction paper, white glue, blunt-end scissors, the special crayon box with tons of colors, yarn and, glitter? Oh, the glit- ter!
It was turkey time! And, you thought to yourself, “I’m gonna make the best turkey this year!
I’m gonna to make
the best turkey in the class…in the world!” Maybe that was just me. But if it was you and if for some reason you didn’t reach that all important child- hood achievement, our Fifth Third Bank employees and their families are being given a second chance to be the world’s premier turkey hand print artist.
All of the turkey hand print
art submissions will have a chance (just like in first grade) to strut their stuff on the wall of fame in Fifth Third Bank’s Human Resources department. The top three winning submissions
will receive prizes. The holidays also bring with them a
spirit of giving. In addition to the Turkey Hand Print Con-
test, Fifth Third Employees get a chance to help feed a family. Bank employees are asked to donate $5 to Fifth Third Bank’s First Annual Give Me Five $ Charity Event. Donations will be accepted through Nov. 30.
Proceeds from the Give Me Five $ Charity Event will be
donated to Gleaners Community Food Bank of Southeast- ern Michigan to provide our neighbors with a holiday meal. Over one million people in the state of Michigan rely on food banks and of that million, 70% live below the poverty level and 45% are children. The average family income of persons that rely on food banks in Michigan is $10,870.* Every dollar you donate provides three meals to a hungry person. Ninety-five percent of every dollar donated is spent on food distribution or food programs, and only 5% is spent on overhead. You can help feed the hungry, too. Please give a hand this season and support your local food bank.
*Figures sourced from
www.gfcb.org, Hunger in America 2006, Michigan Report, Food Bank Council of Michigan.
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