Bills.com Co-Founder Announces Six Ways Not to Overindulge in a Post-Thanksgiving Spending Spree
Bills.com Co-Founder Brad Stroh available for 'Black Friday' interviews Nov. 24.
San Mateo, CA (PRWEB) November 21, 2006 -- As early as midnight following Thanksgiving, after millions of Americans have stuffed themselves with the traditional turkey dinner, they'll line up at their local mall to stuff their holiday gift bags. But it is possible to avoid the specter of holiday overspending, says Brad Stroh, co-CEO of Bills.com.
The day after Thanksgiving, considered the start of the holiday shopping season, is called "Black Friday" because it is the day some retailers break even -- or become "in the black" -- for the year. Indeed, some retailers earn a significant percentage of their annual income on "Black Friday" alone.
Last year, holiday shoppers spent more than $8 billion on Black Friday. Two million shoppers passed through Wal-Mart's doors nationwide within two hours of the chain's 5 a.m. opening.
"Holiday shopping is a necessity for most of us, and one that many of us may enjoy," Stroh said. "It's hard to resist the perfect gift for your loved one. But 'perfect gift' is the key -- and 'perfect' doesn't have to mean dozens of presents, or thousands of dollars on your credit card bill."
Here are Stroh's six suggestions for keeping "Black Friday" spending in check:
1. Make a list. "This piece of advice can't be repeated often enough: Make a list of those for whom you will shop and what you plan to get each recipient," Stroh said.
2. Reality check. Price each item on your list. Cross-check the total with your holiday budget. No budget? No shopping. "Put the car keys down until you look at your bills, your checkbook, and your savings balance - and, if you have a spouse, until you have a discussion," Stroh said. "Decide what you can afford and want to spend on the holidays."
3. Delegate. Decide who will shop for each recipient. "If you and your daughter split up at the mall, and you both spend $100 on Dad, whose gift budget was $100, you've outdone yourselves -- in a bad way."
4. Be selfless. When it comes to shopping for yourself, put on the blinders. "Most likely, family members are buying holiday gifts for you," Stroh said. "Don't join them. Instead, think only of others -- and the way you are not adding to your credit card balance."
5. Train for success. When considering competitive "Black Friday" shopping, success is in the sales: The best deal wins. If you are out for bargains, take it seriously. Study ads, sale fliers and coupons. Map out an itinerary to hit the early bird sales. Smart shoppers can save hundreds of dollars.
6. STOP. The gift budget should be a "not to exceed" figure. "If you follow No. 5 and find that must-have game for $5 instead of $35, do NOT 'just buy a few more things' to spend the extra $30," Stroh advised. "Remember, it's the thought that counts -- and your recipient will appreciate the value of that perfect gift. Use the money you don't spend for a truly meaningful gift for yourself -- like paying extra on your credit card or adding to your retirement fund."
Holiday sales aren't all bad. With these six steps in mind, you can stuff your stockings -- without adding fat to your consumer debt.
EDITOR'S NOTE: Brad Stroh will be available for print or broadcast interviews on "Black Friday," Nov. 24. To schedule an interview, call Aimee Bennett at 303-843-9840 or Brad Stroh at 650-571-0961, x210.
Based in San Mateo, Calif., Bills.com is a free one-stop online portal where consumers can educate themselves about complex personal finance issues and save money by choosing the best-value products and services. Since 2002, Bills.com's partner company, Freedom Financial Network, has provided consumer debt resolution services, serving more than 10,000 customers nationwide and managing more than $250 million in consumer debt. The company's co-founders and CEOs, Andrew Housser and Brad Stroh, were recently named Northern California finalists in Ernst & Young's 2006 Entrepreneur of the Year Awards.
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