This is another Christmas spending warning article. Christmas is a wonderful time of the year. It is a time for family togetherness, fun, sharing, relaxation and reflection. However, far too many people waste money, time and energy during the Christmas season. Banks, merchants and sales persons try to lure us into the trap of unnecessary spending. If we do not think carefully, we find ourselves sucked into the quicksand of deep spending. Most of the time it is because we want to give a good impression to our associates, friends and relatives.
I find it imperative to write about his topic every few years. Why? Because still far too many people who cannot pay their basic utility bills (electricity, water, cable, telephone) are spending lavishly on buying gifts, new furniture, cars, etc. It is money they do not have (borrowed money) or money they should be saving for other more important things. In 2009, I made this statement about Christmas bank loans: "While many are struggling to make the everyday payments on utility bills and the need for food, they will be mesmerized by the attraction of this easy money for Christmas. I warn everyone not to fall prey to these commercial tricks. It is unwise to borrow money from a bank or other lending institution to use for items such as Christmas gifts."
No Christmas loans
Why do people feel the need to get a loan to make their Christmas enjoyable? There are many reasons people rush to get Christmas loans. Here is what I shared five years ago and it is still relevant today.
"First, some have been taught that the giving of gifts is the only respectable thing one should do during Christmas-time, even when you do not have money of your own. Yes, it is a wonderful, caring thing to give gifts, but a gift is given when you have something to give. Some are embarrassed to admit they have nothing to give, hence, they will get an unsecured loan with high interest to buy gifts. How foolish.
Second, some feel giving gifts to friends and family can show affluence, even though it is stupid to borrow the money to get the gifts. I call this internal pressure. Too many have the wrong notion about affluence and are often driven by the need to be accepted by their peers and to be kept in good favor in the eyes of their associates. This is what materialism has done to many of us today.
Third, some people are actually under tremendous pressure to purchase gifts for family and friends because of family tradition or because they will be made ashamed by others (family members) in a public setting. I call this external pressure.
I encourage everyone not to give in to banks' seducing commercials. "Banks are putting out the honey pots to attract the eager 'shopping bees' to come into their establishments to get some Christmas money. While many are struggling to make the everyday payments on utility bills and the need for food, they will be mesmerized by the attraction of this easy money for Christmas. I warn everyone not to fall prey to these commercial tricks. It is unwise to borrow money from a bank or other lending institution to use for items such as Christmas gifts."
It is not necessary to break that fixed deposit you have for raining day, home expansion, or college education, to give a gift to a loved one. Say no to the temptation. Do not give in to the pressure.
What can you do?
You might be asking what then you should do. You are thinking you do not want to be embarrassed. I encourage you to be creative. "Find creative ways to fulfill your kind heart of giving. Write a letter, use the coconut tree to make a craft, draw or paint a picture, take a photo, bake a cake, etc. Remember, the greatest and most valuable gifts you give this Christmas is your time, your smile, and a warm hug. Let no one make you feel guilty if you cannot give a Rolex watch."
Start planning now how you can spend less for Christmas this year and still be happy.
o Barrington H. Brennen is a marriage and family therapist and board certified clinical psychotherapist, USA. Send your questions or comments to barringtonbrennen@gmail.com or write to P.O. Box CB-13019, Nassau, The Bahamas, or visit www.soencouragement.org or call 242-327-1980 or 242-477-4002
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