Rachel McDonough, CFP®
Financial Advisor
& Keynote Speaker



 

Rachel's Notes

Rachel’s Notes


Check back periodically for updates to Rachel’s blog or sign up for her e-Newsletter to have the latest articles sent right to your inbox. The newsletter comes out monthly and contains Rachel’s personal reflections and ideas about money along with links to other great resources on personal finance. You can easily unsubscribe at any time.


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Keeping the Chaos out of Christmas

12/17/10

While it’s true that our economy could use a boost from holiday spending, I want to give you a couple tips to help keep Christmas meaningful, fun, and memorable, without blowing your budget.  After all, even if the economy does pick up with all the extra shopping, it won’t pay your Visa bill for you.

Tip #1

Be creative.  Don’t get stuck in the rut of thinking you need to spend a certain dollar amount on each person on your list.  Some of my favorite gifts have been acts of service, like a candlelight dinner with my husband.  A thoughtful gift that shows how well you know the recipient is much more memorable and personal than an expensive gift that is not appreciated.  How many gifts have you received that no doubt had a high price tag, but didn’t really fill a need or even a want?

Tip #2

Think charitably.  In most middle and upper class American homes, everyone already had way more stuff than they need and they fight clutter constantly.  If that sounds like your family, consider using some of your shopping dollars to help those in need.  Adopt a low income family for Christmas where you buy their gifts for them.  Or consider sending some money overseas to help those just struggling for survival.  One of my all time favorite gifts was a flock of chickens through Heifer International.  (Visit www.heifer.org for to see how you can give a goat, camel, llama, or any number of other crazy gifts to a family in need.  Gift certificates and a description of the program are provided to the donor and are fun to unwrap on Christmas Day.)  If you have young children, this is a great opportunity to teach them the importance of compassion for others through active demonstration.

Tip #3

Skip obligatory gifts.  To the extent that you can handle potential hit on your social capital, you may want to skip (or at least reduce) the gifts that you give only out of a sense of obligation.  These gifts are insincere by definition and can really suck the fun out of the weeks leading up to the big day.  Manage expectations by talking with friends and relatives ahead of time to avoid potentially awkward you-got-me-something-but-I didn’t-get-you-anything moments.




Tags: Holiday spending Holiday values Christmas shopping meaning of Christmas gift giving

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