It’s a good idea to plan ahead for all kinds of giving.
Soundbites available upon request. Contact Glenys Young.
As Thanksgiving approaches, some people are starting to plan for their turkey, dressing and green bean casserole. Others are more interested in the TVs and discounts on gadgets.
Whether you're thinking about gifts for your children or gifts for charity, Texas Tech University has experts who can discuss this year's shopping trends for Black Friday, Small Business Saturday and Cyber Monday, as well as the importance of philanthropy and financial planning for #GivingTuesday.
- As usual, electronics will be the big-ticket items on Black Friday and Cyber Monday.
- Many major retailers will not be open on Thanksgiving Day.
- To get the best deals, make a list and buy desired items on Black Friday, but keep the receipt and monitor the prices on Cyber Monday. If the prices are lower, return the Black Friday items and re-purchase at the lower price.
- Stay safe while shopping on Black Friday by being aware of your surroundings and locking packages in your trunk or covering them in your vehicle so they're out of sight.
- “People are really excited because consumer confidence is up, and the average person is spending about $40 more this year than they did in the past.”
- “Probably one of the biggest things impacting this year is toys, because Toys ‘R' Us doesn't exist anymore. Walmart is adding a huge selection of toys. I know that Dillard's is adding a bigger toy section, and even Dollar Western Wear has toys in its ads, which you ordinarily don't see.”
- “Online shopping is changing everything. The figures are that about 56 percent of people are planning to shop in department stores and 55 percent online. The online option is so easy, and you can get things that you might not be able to find in a store otherwise.”
- “A lot of people are planning to shop at the small ‘mom and pop' stores. About 26 percent of consumers are planning to buy at small businesses rather than big ones, so that's really good for our local businesses. I do think people are paying more attention and wanting to keep the money local.”
- When planning for holiday spending, whether on gifts or charitable donations, personal savings should be the first priority.
- #GivingTuesday is appropriately timed, not just because of the holidays, but also in terms of end-of-year tax planning.
- Donating appreciated assets, like stocks that have gone up in value, can bring a double tax benefit as compared to a cash donation. If you've owned the stocks for more than a year, you get a tax deduction, and you can avoid capital gains taxes on the growth in those shares.
- With the change in tax law this year, fewer people will be itemizing deductions on their taxes.
- “Really, it comes down to very simple financial planning: Regardless of what level you're at, you want to pay yourself first, meaning you want to be able to save funds.”
- “Obviously, the holidays are a time where we kind of want to go crazy, but I'd say most people who we are giving gifts to would rather we stay sane than have some exciting new doo-dad that we get them for the holiday season.”
- “At the end of the year, people look at how much money they've made, they look at what they're going to be paying in taxes, and that's often a good time to decide, ‘OK, how much should I be giving so that I can do it in the most tax efficient manner possible?'”
- #GivingTuesday is a worldwide campaign that focuses on philanthropy and the change people can make in their own communities.
- It has raised more than $300 million since its inception in 2012.
- Many millennials are donating through Facebook campaigns, in part because it gives the instant gratification of advertising it.
- “It kind of allows you to step back and, as you're giving, and you are with your family, and you're kind of thinking about what you have and the importance of family, I think that also kind of sparks giving.”
- “Americans spend so much money for Black Friday and Cyber Monday, and why not give back to your favorite charity to support a really important cause?”
- “Everyone has motives in terms of why they give, and so some people give because of pity. Some give in remembrance of individuals. Some people give because they want to boost their ego or their presence. They want people to know that they are connected to this organization.”