It's Black Friday. This year, the term has a seemingly deeper, if not darker, meaning.

With the economy in a downward spiral, economists and retailers will be watching to see how deep consumers dig into their wallets today — traditionally the start of the holiday shopping season and a harbinger of retail sales in coming weeks.

There's no doubt the slump has hit hard: Stores across the country have already slashed prices, hoping to draw wary consumers faced with job insecurity, plummeting stock prices and a government mired in billion-dollar bailouts.

And with Christmas less than four weeks away, the outcome of the holiday shopping season remains clouded.

But armed with a healthy dose of confidence, savvy consumers will know how to make the most of their precious dollars. While it's likely shoppers will pare down their lists this season, here are just a few things to consider:

• Buy local. Supporting local vendors will help infuse our state's economy at a time where a boost is clearly needed. Many local businesses generate as much as 40 percent of their annual income during the holiday shopping season, which in turn supports seasonal employees. Your dollars would go a long way here.

• Buy sensibly. Economists rightly warn shoppers to avoid the hefty post-holiday credit card bills.

• Make the holidays brighter for a stranger. Consider a small toy or gift to your favorite charity — they'll need the help now more than ever. It's important to remember that the most meaningful gifts are those imbued with the spirit of the season: warmth, generosity and concern for those in need.

In a gloomy economic season, it's important to bring a healthy perspective to your holiday shopping list.

This year, amid the race to the register to scoop up some bargains, step back and focus on what matters most.

Friends, family and generosity, along with a sensible approach to Christmas shopping, can make the holidays happier and less of a financial burden.

After all, when it comes to buying presents, it's the thought that counts.