NEWS RELEASE 2009
ABA Media Contact: Marquita Powell  

(202) 663-5418
E-mail: mpowell@aba.com

HOW TO AVOID THE HOLIDAY HANGOVER

ABA Education Foundation Holiday Consumer Spending Tips

WASHINGTON, Nov. 20 – Will Black Friday leave shoppers' budgets in the red? Not necessarily, if consumers use the American Bankers Association Education Foundation's holiday spending tips as a guide.

"Consumers spreading holiday cheer should keep in mind that January bills are only weeks away," explains Laura Fisher, ABA Education Foundation director. "Simple planning could be the cure-all for the dreaded holiday hangover and help to keep the debt of Christmas at bay."

To help consumers spend within their means and have a financially happy New Year, the ABA Education Foundation offers the following tips:

·         Develop a budget. Before you start your holiday shopping, develop a realistic holiday budget.  Be as detailed as possible and include items like postage, gift wrap, greeting cards, decorations, food, travel expenses and charitable contributions.  

·         Make a list and check it twice. Keep your gift list limited to family and close friends, noting how much you want to spend on each.  Be creative and send greeting cards or handwritten letters of appreciation to those outside of your list. 

·         Shop for bargains. Avoid shopping while rushed or under pressure which can lead to overspending.  Always comparison shop and re-evaluate your purchase to make sure that it is within your budget.

·         Use credit wisely. Limit using credit for holiday spending. If you must use credit, use only one card, preferably the one with the lowest interest rate.  It's a good idea to pick a date to pay off your holiday credit card bills.  Remember to review statements carefully for unauthorized charges. 

Banks are committed to helping consumers save for the future and many offer savings plans, such as Christmas Club accounts, that allow you to set aside money throughout the year for your holiday spending. 

For additional holiday spending tips visit the Smart Holiday Spending Center at www.abaef.com.

The ABA Education Foundation provides financial education programs and resources that help bankers make their communities better.  Nearly 90,000 bankers have taught basic finance skills to about 4 million young people through participation in the Foundation's signature programs, Teach Children to Save and Get Smart About Credit.  Founded by bankers in 1925, the foundation is guided by a board of bankers and is an affiliate of the American Bankers Association. For more information, visit www.abaef.com  or call 1-800-BANKERS. 

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