Comptroller Susana Mendoza Offers Holiday Shopping Tips

SPRINGFIELD - We are entering the season of gift giving and it can be hard not to go overboard and buy too much.

“Whether your holiday shopping is already underway or you’re just getting started, having a game plan can help keep you from overspending,” said Comptroller Mendoza. “You don’t want to end the year with a stack of credit card bills and an overdrawn checking account.”

Here’s a few tips to keep your spending under control:

• Come up with a budget before you begin shopping, and then track how much you spend. You can set a total amount you feel comfortable spending or set a limit for how much you plan to spend per person. Make a list of what you have bought each family member and the cost. You may also want to consider other holiday expenses that can sneak up on you, such as work or friend gift exchanges, presents for teachers, traveling and hosting in your home.

• Take advantage of sales as much as possible, while being wary of deals that sound too good to be true. There are always plenty of Black Friday and Cyber Monday deals from reputable retailers and coupon codes and free shipping offers to help save a few bucks. Coupon websites and safe browser extensions can help you find promo codes and compare prices at other stores. Many retailers that offer memberships offer deep discounts this time of year.

• Don’t wait until the last minute to start shopping. Procrastination may add unnecessary costs like expedited shipping charges, or you might not be able to find the item you planned to buy. You don’t want to spend more than you planned because you’re desperate to find the perfect present.

• Plan for next year. Many banks offer special “Christmas Club” type savings accounts where you can save all year for future holiday expenses.

It’s also important to protect yourself from scams, identity theft and fraud. “Don’t let con artists empty your bank account and ruin the holidays,” said Comptroller Mendoza.

• Only shop with well-known retailers. Texts and emails offering unbelievable markdowns may be a scam. Check the email address to see if it looks legit and be cautious of links that could harm your device.

• Use secure forms of payment. Federal law limits consumer liabilities when using a credit card compared to debit cards. That means you have stronger fraud protection and a better chance of getting your money back if you lose your credit card or it’s stolen, or if someone gets ahold of your credit card number. It’s also easier to trace credit card transactions online.

• Be wary of package delivery messages. This may include random text messages and emails that alert you of delivery updates. Scammers will include a link in those messages that will most likely infect your device. Instead, visit the shipper’s website to verify any changes to your order.

• Never give personal information. Do not provide personal information to a company unless you initiate contact.

• Check your bank account and credit card statements regularly for any suspicious activity. If you have been a victim of identity theft, you can file a report with the Illinois Attorney General’s Office or the Federal Trade Commission and/or place a fraud alert or credit freeze with one of the three credit bureaus: Experian, Equifax or Transunion.

Comptroller Mendoza adds, “This is supposed to be such a fun time of year, so don’t let the Grinch steal your money or your holiday spirit.”

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