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Column: Avoid holiday spending hangover
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At this time of year, many people overindulge, whether it’s overeating or drinking too much at holiday parties or spending too much on gifts and decorations. You’ll regret the former the next morning; but with overspending you may not feel the hangover effect until the bills are due in January.
Here are a few tips for managing holiday expenses to avoid a holiday spending hangover:
- Budgeting. Before spending a dime on holiday expenses, calculate how much you can afford relative to your overall budget. Many financial planners recommend spending no more than 1.5 percent of annual income on holiday expenses.
Ask yourself if your savings cover a few months’ expenses in case of a layoff, unexpected medical bills or another financial emergency? Can you pay off all holiday-related bills within a couple of months? Do you already struggle to pay your monthly bills? Would you need to suspend retirement savings to buy gifts?
- Scale back. Examine how much you’ve spent in past years and look for areas to trim. Consider cutting back on gifts for family, friends and coworkers; decorations; new clothes/accessories; gift wrap and cards; special meals; year-end gratuities; and travel-related expenses.
To figure out where you may be able to scale back, review old credit card and bank statements to jog your memory. Arrange gift lotteries with family, friends and coworkers so you each buy fewer, nicer gifts. Suggest pooling resources to make a sizeable group charitable contribution rather than individual gifts to each other.
- Get organized. Once you’ve determined your overall holiday budget, make a list or spreadsheet with columns for everyone you need to shop for – relatives, friends, coworkers, service providers, etc.; spending limits and gift alternatives for each person; how much you actually spend on each gift – remember, overspending on one present means trimming somewhere else; what you gave each person – to avoid giving them the same thing next year; what each person gave you – that way, you won’t accidentally “re-gift” something to the same person; and other expenses, like decorations, etc.
If you give gift cards, several changes were made to laws governing these cards. For gift cards sold on or after August 22, 2010, the Credit Card Accountability, Responsibility and Disclosure Act of 2009 requires that money loaded on gift cards must not expire for at least five years from date of purchase or after funds were last added. If the card expires but the funds haven’t, you can request a free replacement card. Inactivity and service fees may not be charged until after 12 months of inactivity; after that, only one such fee may be deducted from the balance each month. All fees must be clearly disclosed on the card or its packaging.
A few additional tips:
- Note return policies for stores and online shopping sites. Watch for deadlines, exclusions for sale or clearance items and restocking charges.
- Retain receipts. Many retailers will refund the price difference if an item goes on sale within a few weeks after purchase.
- Check whether your credit card agreement provides free product warranty extensions and/or price protection, i.e., will reimburse the difference if you find an identical item for less.
 
Alderman directs Visa’s financial education programs.

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GPA grows trade, market share
Intermodal volume up 20 percent
port photo
Rubber tired gantry cranes handle cargo at the Chatham Intermodal Container Transfer Facility at the Port of Savannah. The Georgia Ports Authority's Mason Mega Rail project will double rail lift capacity to 1 million containers per year by 2020 - photo by Provided

The Georgia Ports Authority achieved 14 percent growth in March container volumes, moving 355,208 20-foot equivalent unit (TEU) containers.

From July 2017 to March, TEU container trade grew by 9 percent, or 255,786 additional units for a total of 3.08 million, a new record for Savannah.

"Savannah's continued strength is a reflection of our customers' commitment, Georgia's leadership, and the many dedicated service providers, GPA employees and ILA members who come together every day to achieve great things," said GPA Executive Director Griff Lynch. "March marked our 17th consecutive month of business expansion thanks, in part, to a strong economy and growing market share."

Intermodal rail volumes jumped by 20 percent in March and 15.4 percent for the fiscal year to date, for a total of 318,454 containers handled over nine months – another record for the GPA.

"As the numbers show, our rail cargo is growing at a faster pace than our overall trade," GPA Chairman Jimmy Allgood said. "This is important because rail is playing a key role in our responsible growth strategy. We anticipate our rail infrastructure investments to take 250,000 trucks off the road each year by 2020."

The GPA recently broke ground on its Mason Mega Rail Terminal, on which the Port of Savannah will build 10,000-foot unit trains within its own footprint. From the expanded rail infrastructure at Garden City Terminal, Class I rail providers CSX and Norfolk Southern will provide direct rail service to major Southeast and Midwestern markets from Memphis to St. Louis, Chicago to Cincinnati.

An added benefit is that the Mason Mega Rail project will move all rail switching on terminal – improving vehicle traffic flow around the port.

In August, the GPA will open its Appalachian Regional Port in Murray County. Located in an industrial belt, including the production and export of carpet and flooring, automobiles and tires, the ARP will provide an alternative to all-truck transit to Northwest Georgia.

Each round-trip container moved via the Appalachian Regional Port will offset 710 truck miles on Georgia highways.

March was also a strong month for roll-on/roll-off auto and machinery units at the Port of Brunswick and Ocean Terminal in Savannah. Colonel's Island Terminal in Brunswick handled 66,144 cars, trucks and tractors, while Ocean Terminal added 4,050, for a total 70,194, a 17.2 percent increase.

"The global economy is thriving and our volumes are following suit," Lynch said. "As existing accounts grow their footprint in the expanding auto facility in Brunswick, Georgia's competitive logistical advantages are drawing additional business across all of our docks."

Lynch noted that for the fiscal year to date, Mayor's Point breakbulk terminal in Brunswick grew by 44 percent (34,515 tons) to reach 112,728 tons of forest products. At East River Terminal, bulk cargo expanded by 34 percent July-March (189,918 tons) for a total of 750,384 tons.

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