Monday, December 3, 2012

Getting the Right Gifts for the Holidays

water flowing 4
I often feel like Scrooge when this subject comes up (and not the part at the end when he starts handing out free turkeys and the like). As much as I hate saying it, this needs to be said.
Each year the holidays bring out the best in most of us. Some of us are generous to a fault and give lavish gifts to one another. Although I find no fault in the sentiment, I would be negligent if I didn’t say “don’t go into debt to do it”.

The holidays should not be about creating debt. Yet, despite that comment, millions of people charge up hundreds or thousands of dollars that they will not be able to pay off when the bill arrives. Some view this as the time of year where they deserve a break or reward. However, the damage can reach far beyond the holidays. For some, they will spend the better part of next year still paying for items they purchased this year. Of course, because of this debt, it will affect next year as well (having less money for day-to-day living expenses or savings).

If you are still in the process of paying off debt, I would respectfully suggest that one of the best “gifts” you can have this holiday is not creating more debt. Talk to your family members. Make this the year you want to “get ahead”. Draw names so each member of the family only has to buy one gift. Set limits – and stick to them. One great idea to stick to a budget is for everyone to get Amazon e Gift cards with a fixed amount, and then have everyone buy what they want for each other. Or, just find other low cost items or activities that everyone will enjoy – after all, it is family that matters most not things.

If you have been reading the Xvest e-letters along with my book entitled Winning the Cash Flow War, and implementing the strategies, then you are making progress. Now, just stay the course and soon you will realize a whole new realm of financial freedom!

1 comment:

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