Thursday, November 15, 2012
Okay, the term is likely being overused right now. However, it is a powerful
metaphor that makes us stop to think about how its impact will affect on our
own financial situations. The first and
bigger impact will be on Americans but it will also have an impact on Canadians
and a ripple effect worldwide.
We are heading into the season of financial stress where
quite often we turn a blind eye on our spending repercussions. It's a joyous time of year. Why spoil it with being fiscally
responsible? Who wants to be around a
Scrooge at Christmas? Oh, but no doubt all these excuses will seem
pretty feeble when your spending regrets suddenly come alive with the arrival
of the bills in January.
Avoid the Cliff. Set a Budget.
Do yourself and your family a favour, plan your spending for
the holidays and stick to your budget.
Why put a damper on the holiday memories stressing about how to pay the
bills? It does not take long to make a
simple budget for gifts, food and travel.
The challenge will be to stick with it.
When you are tempted to break the budget just visualize the cliff and remind yourself it is worth it in the end. Avoid the buying pressure. Hard to do, but
you'll feel a great sense of satisfaction by not giving in. If you are using your credit cards monitor
your spending closely. Check your
transactions online regularly to make sure you did not miss capturing what you
spent. (This also doubles as a check for
fraudulent charges.)Give Thoughtful Gifts
Quality
over quantity does not need to come with a big price tag. No matter the size of the budget when you
give gifts with meaning to someone they are more deeply appreciated. Think personalized gifts or gifts related to
hobbies or their favourite sports. For
younger children consider a few smaller gifts with one more significant
gift. If it is something they really
have wished for then everything else is a little diminished in comparison
anyway. It also teaches them about the
value of a gift, not the quantity of gifts.
Create New Traditions
If
you have a large extended family gift giving can feel like it is out of
control. Start a Secret Santa tradition
to drastically reduce your spending. It
will also reduce your time spent shopping and the stress of having to buy for
so many people. Be the one to bring it
up in family discussions. There are
likely others who are thinking the same thing but are too financially embarrassed
to bring it up. There are many
variations to how gift exchanges can work so have fun with it and make it
unique to your family. I'll bet there
will be many great memories that go along with the new traditions established. Acts of Kindness
Instead
of giving a gift why not do an act of kindness for that person. Make up coupons to babysit on a date night,
to shovel the snow, wash the car, help with a home or yard project that keeps
getting put off or do laundry for a week.
The list is endless. The
recipient is sure to remember these acts and will appreciate the break or
help. This is a wonderful tradition to
start with your children to teach them the value of helping others. It will
instill a sense of pride in knowing it was their actions not a monetary item
that brought the person joy.
Make it a Game
As
adults we need to set the example for our children in spending responsibly
during the holiday season. Help them set
out a budget with their allowance. Make
it a game. Get the best present they can
think of at the best price within their budget.
Head out to local bazaars in the search of a thoughtful gift for their
brother or sister. I bet they walk out
of there with their heads held high proud of their financial prowess.
Less Stress, More Gratitude
You
deserve to enjoy the Holidays so steer clear of that cliff. Don't let the financial pressures of the
season get the best of you. Plan now to
spend wisely so you can relax and truly enjoy time with friends and family with
no regrets in January.What are your thoughts? How do you keep spending under control? What are your budget friendly traditions?
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