Save $1000 by Black Friday

By Gail Cunningham (past articles)

09/29/2008

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Follow Young Money editor Cara Newman as she tries to save $1000 before Black Friday in Read it and Reap, part of Young Money Talks.

The largest shopping day of the year is two months away. Are you financially ready? Could it be possible for you to pay cash for all of your holiday purchases this year? After all, it is likely that you’ve not finished paying for what you spent during last year’s gift-giving season, and one of the worst financial moves you can make is to pile new debt on top of old.

“Regardless of how strained a family’s financial situation might be, it is not realistic to think that they will totally forego spending this holiday season. However, considering the rough economic times in which we’re living, it is critical that consumers control their spending, and avoid adding to their debt load. Paying for purchases with cash is ideal,” said Gail Cunningham, spokesperson for the National Foundation for Credit Counseling (NFCC).

Even at this late stage of the game, even if nothing has been saved so far, there are ways to find money and pay for purchases with cash. The NFCC makes the following practical suggestions that allow consumers to sock away over $1,000 between now and Black Friday.