December is here, and folks are shopping full-tilt. Again.
Those of you without money worries, go ahead and splurge.
But those of us with limited resources, and especially folks living paycheck to paycheck, should purchase slowly. Too often one’s money dives out a window to satisfy an emotional spree. Especially in December.
Before shopping, prepare a budget. How much money will you allot for presents overall? How much per person? Once you have a budget, stick to it.
Never borrow money to buy Christmas presents. Borrowing might satisfy the emotions driving your purchases, but it’s not the act of a wise consumer.
If you don’t have the money right now, admit it, and move on. If necessary, skip this holiday and start saving for future ones.
Parents – and grandparents – remember, you are adults. Do the responsible thing. Limit your purchasing to what is in your means.
Do not sign up for any buy-now-pay-later plans. If you do not have the money now, then don’t make the purchase.
If buying for yourself, remember that you have lived until now without the product you’re purchasing. Is it necessary to acquire another possession?
It’s more important to escape existing debt than shop for presents. If you have student debt, and you owe more than might be erased by the government’s forgiveness plan (which is now on hold), then consider attacking your debt. We’ve had nearly three years of interest pauses on student debt. Whatever you have paid since the halt was initiated has gone to attack your loan balance. None of it has been diverted into paying interest. That is the best way to repay a loan.
Alas, most borrowers – even those with unaffected jobs – chose to stop making payments on their student loans. Simply because payment wasn’t required.
Yes, the loan repayment pause means you’re not obligated, for now, to make any payments on your student loans. But the responsible thing is to make those payments, whittle down the amount due. The irresponsible thing is to spend money on presents that could be used instead to reduce your debt.
There are no laws requiring participation in this annual purchasing frenzy. There are many things more important than buying presents.
It’s more important to keep food on the table, heat the home, and pay the rent, than to buy cute toys for the little children in your life, and electronic gizmos for the overgrown children in your life.
If buying for kids, remember where kids learn most of their ways: from the adults in their lives. If you explain to your children that you’re making a conscious choice to provide food and shelter and heat and other necessities, or to stay out of debt, then at least you’re being a good role model.
If you run out and borrow money from Loan Shark Charlie, then you’re not being a good role model.
I’ve read about grandparents who ended up homeless because they borrowed to provide their precious grandchildren with whatever toys were the momentary craze. And then couldn’t repay the loans.
Today’s popular toys are often broken within months, discarded within a year, and totally forgotten a few years hence. They don’t have lasting value.
Speak and act kindly to the children, but do not use the holiday season as an excuse to try to bribe them into liking you.
Again, if money is no problem, great. Splurge as much as you wish.
Final point: The greatest gift you can provide your children is to reach and survive your old age without becoming financially dependent on them. In the long run, they’ll love you for it.
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