Wisconsin Bankers Association: Responsible consumer spending ensures happy holidays & new year

For more information, contact Eric Skrum

608-441-1216 or eskrum@wisbank.com

Bankers say don’t get caught up in this season of giving by spending more than you can afford

MADISON —Purchasing more than you can afford can ruin your holiday and start the new year on a sour note. Set a budget and, more importantly, stick to it, recommends the Wisconsin Bankers Association (WBA). Black Friday, the biggest shopping day of the year, is fast approaching and with the current economic conditions, it is more important than ever to engage in responsible spending so you don’t spend more than you can afford.

WBA suggests following these guidelines to avoid spoiling your holiday season:

Set a realistic budget

Begin with a list detailing who you want to purchase gifts for and how much you would like to spend. It is easy to get too caught up in the spirit of the season, however, it is important to stick to your budget. Giving gifts is fun, but receiving huge bills you can’t afford isn’t.

Take only one credit card with you

It will be much easier to keep track of purchases if you are using one account rather than spreading purchases over several accounts.

Debit cards are a great tool to help control holiday spending

A debit card acts like a check and will only access available funds. Simply create your budget and have those funds in your account on the day of your shopping trip. The key to using this method is PIN access. Accessing your debit card through a PIN number is more secure and will instantly transfer the funds.

Avoid credit offers

“No payments for six months” is tempting for purchasing a gift more expensive than what you have budgeted. This deal may be great at first, but later can become a problem when the balance is due.

Start saving for next year

Determine a budget for next year’s holiday season and set up a separate holiday spending account. In the coming year, put a set amount away each month. This is far easier than waiting until November or December.

Remember, the key to a less stressful holiday is to take charge of your holiday with responsible spending. Don’t let it take charge of you.

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The Wisconsin Bankers Association is the state’s largest financial industry trade association, representing 300 commercial banks and savings institutions, their nearly 2,300 branch offices and 28,000 employees.