Why The Holiday Is Not Worth Blowing Your Savings

News & Views | Gerren Keith Gaynor | 12/11/2013 | 03:00 PM EST

If you don’t have it, don’t spend it

The holiday season is a joyous occasion, but it can also be a very stressful one as we feel pressured to stack as many gifts we possibly can under the Christmas tree. Whether you’re a parent or you’re single, the need to get everyone in your immediate and extended family, friends and co-workers a gift can become overbearing.

Before you go maxing out your credit cards or dipping into your savings, it’s important to understand that Christmas is just one day. No one is going to blacklist you if you happen to not get them a gift if you simply can’t afford it. While gift-giving is a very gratifying thing, you don’t want to bury yourself in financial ruin over it.

Sometimes we get caught up in the visage of appearing to have it all, or worry about people questioning our financial status when we make the decision to curtail our spending. Many will choose to swipe now and worry later, sending themselves into a financial bind that’ll take them months, sometimes years to get out of. There’s nothing wrong with being financially conservative. If you don’t have it (in the bank that is), don’t spend it.

Even if you do have enough money to do a little Christmas splurging, it’s still important to not go in over your head. It’s not the end of the world if you happen not to get all your siblings or close friends a gift. Anyone who loves you would understand and prefer that you are not in a financial rut. To avoid this, be sure to set a realistic budget and stick to it.

 

Another tip is to do grab bags or gift exchanges where you’re only responsible for buying one gift. Also, the most important rule to follow is to not buy gifts on credit, unless you know for sure that you can pay it back the next month. Spend in cash and spend wisely.

 

(Photo: LWA/Dann Tardif/Getty Images)

NEW MUSIC: Boyz II Men – "Snowy Day"

related stories

Yuletide Jam

Boyz II Men – "Snowy Day"

Scene And Heard

5 films to instantly put you in the holiday spirit

$100K Holiday Bonus?!

Fortune 100 company gifts workers for their hard work

'Hood' Christmas Carolers

Viral social experiment challenges racial stereotypes

comments