If you’re spending the holidays baking cookies and brushing up on your needlepoint and macrame, you’re not alone. Some 14 percent of Americans are opting for home-made gifts this year, according to a holiday shopping poll from Consumer Reports.

But if canning okra isn’t quite your thing, you may be altering your spending habits in other ways, the poll found. Spending limits on gifts are now de rigueur, and some 37 percent of families have set them as a way to cut down on unnecessary purchases in tight financial times. 

Another 6 percent are saying bah-humbug and not exchanging gifts at all. 

The poll, in which 1000 telephone interviews were conducted between Dec 4 and Dec 7, pointed to a bit of good news for retailers, who have had to rely on huge discounts in order to attract cash-strapped shoppers to their stores. Among those polled, 44 percent of shoppers had not yet even begun their holiday shopping.
 
“Consumers have ample opportunity to score a bargain,” said Tod Marks, who edits the Consumer Reports’ Tightwad Tod blog. “Budgets are tight and shoppers are waiting up to the last minute to make sure they’ve explored every opportunity to find a good deal.”
 
Not surprisingly, the retailers seeing the most holiday traffic — 76 percent — were the big-box merchandisers such as Wal-Mart or Target. Department stores were seeing 54 percent of traffic, with online retailers following at 48 percent.
 
The poll showed shoppers choosing cash as their No 1 payment option, while those using credit said they planned to charge up $682 on average, down from $723 last year.

(Photo/Reuters)

As the economy founders and the ranks of unemployed grow, shoppers are embracing their inner thrift.

According to a new survey of 1,500 U.S. adults from WSL Strategic Retail, 52 percent of respondents agreed with this statement: “I’m proud of all the little ways I’ve found to save money.”

More than half of the participants were using more coupons and reading store circulars more closely. Sixty-two percent said they are more likely to wait for a sale before making a purchase.

Home cooking is back in fashion and so are leftovers — a trend supported by strong sales at companies like Kraft and weak sales at restaurants.

More than half of women polled said they were avoiding stores where they tend to overspend.

When its comes to paying the bill, 35 percent of the shoppers said they were less likely to use credit cards to pay for purchases. On the other hand, some said their credit cards were helping them get from paycheck to paycheck. So, it follows that 24 percent of respondents said they owe more on their cards than a year ago.

The money saving tactics go beyond stores. The survey also showed that people are doing more housework, from cleaning to gardening.

“True thrift is the intelligent use of time and money and we see it becoming a major trend to survive in these trying times … and likely a longer-term change in culture,” WSL said.

What’s your thrifty tip?

(Reuters photo)

As turmoil rages on Wall Street, ING sent its customers an email message on Tuesday, thanking them for their business and giving them some tips on navigating the tough environment.

The best course of action for our Customers is to be disciplined: avoid splurging; identify and cut out unnecessary expenses and save for what’s essential; and hedge against those tough times.

We can all benefit by developing good spending habits: confront - and cut up - credit cards; use your home as a savings vehicle - not as an ATM; and establish and contribute regularly to an IRA or 401(k).

Given the uncertain climate, have you changed the way you are spending or saving? Are you cutting up your credit cards or cutting out splurges?

(Photo: Reuters)