Holiday Spending-Out of Control?
There has been talk of Black Friday sales being leaked by some corporate tattle-tale, who just couldn’t keep a secret. Kinda like a “Macy’s deep throat!”
It is much more likely part of a planned marketing campaign to generate interest and chatter- You know the kind. Whispering during your break,”Did you see what that leaked sales paper said was going to be 75% off??? Don’t tell anybody, my precious child deserves three of those, and I will run over anyone in my way!!!!”
Crowds Shopping! (by kspencer)
And there are only going to be 10 per customer, and a great discount if you use a store credit card, and they happen to have an application you can fill out at the register by answering just a few questions….yadda, yadda, yadda….
Profit for Them, Debt for YOU!
That will translate into more sales for the retailer-and of course more spending/debt on your part….
Dr Dean’s Rules for Holiday Shopping:
(These rules apply for Black Friday, Cyber-Monday, Go Crazy with the credit card Thursday, and even Midnight-Madness,!)
- Agree on your holiday spending within the next week…Look over last years spending, your income, your debt level and make a firm decision on how much you can spend this year-then write it down!!!! This needs to be agreed upon by your spouse/partner if you have one!!! DO NOT WAIT TILL 5AM BLACK FRIDAY TO DECIDE ON YOUR SPENDING PLAN!
- Publish the amount to the world… Well, at least YOUR world- your refrigerator, the mirror in your bathroom and in your wallet!
- Write down your giving list-anyone who you give a gift, write their name, and a spending amount beside it. Try using a computer program(spreadsheets work great for this) so you can save it from year to year.
- Add your total and make sure it falls within your spending plan.
- Take a shopping partner/spending coach with you- and pinky swear, or maybe even better, cut your palms and do a Josey Wales/Apache promise…(not really-sharing blood these days is frowned upon…) say together “I will stay within my holiday shopping plan,” “I will stay within my holiday shopping plan,” “I will stay within my holiday shopping plan!” Say it at least the three times while clicking your heels and turning in a circle with your eyes closed.
- Keep Tabs! During your shopping, write on your list the actual amount you spent as you scratch names/gifts off your list. If you get a good buy, and want to adjust your spending on other gifts-fine, or, heaven forbid, spend less than you planned. Wouldn’t that be a cause for celebration, whoo hoo, and all that.
- Keep your overall financial status in mind! Don’t forget holiday travel, or the possible drop in income that may occur if you work less over the holidays, as you plan your spending.
Frugal Blogs Galore
There are a lot of frugal blogs out there that can help you save money on your holiday spending. Google “saving money on holiday spending” skip the Amazon, and the Wal Mart ads, and read how other people do it. I may even decide to write such a post…
But if you know you are not going to/don’t have time to- knit a pot-holder for granny, or make Aunt Sue a chocolate cake, then don’t fool yourself.
The whole idea here is honesty, with yourself and your family, on what you can afford, and how much time you have to execute your plan.
At my office, we gave up giving gifts to all the medical practices, and the hospital departments. We now give to charity in the honor of those people, and buy a meal for the staff of the departments of the hospital we interact with the most. (mainly nurses on Gyn and at the OR).
Our extended family has strict spending limits on gifts, that put them in the stocking stuffer/fun range. No more ugly, but expensive sweaters from my Big Sis (sorry Karen…)
With the economy as it’s been, and de-leveraging (getting out of debt for those of you from Iron City) the word of the day, this is a great time to get materialism less and less at the center of the holidays, and make your family, friends, and love of your fellow human beings- the focus of your attention.
Reader Questions:
Do you plan your spending?
What are your holiday spending plans-more or less than last year?
Have you and your family put a limit on the value of holiday gifts, and do you enforce it?
Do you frequently put your holiday spending on a credit card, and are unable to pay the complete balance at the first billing cycle?
