Friday AM August 21st, 2009

The annual tax free holiday starts here in Texas today and financial experts say consumers should have a distinct spending plan before they hit the stores. Jack Williams reports.

piggy bank labelVickie Cohn is a banking center manager at a BBVA Compass Bank in The Woodlands. She says it’s important to know exactly what you need before you start shopping.

“Create a list of all of the things that you need and also create a budget so that you know how much you can spend and just make sure that you keep to the list.  I think first of all, that’s the most important rule. And also before you, because you have that budget created, check your balances. Check your balances on your checking account. You can do that through of course on-line banking and through texting today. Check your balance on your credit cards as well just so you can basically make sure that you’re not going over the amount of money that you already have in your accounts.”
She says it’s common for some consumers to overspend and buy things they don’t need during tax free holidays, assuming they’re getting good deals without the sales tax.

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