Seriously, If You Don’t Have The Money, Don’t Buy It!

‘Tis the season for buying, buying, buying. And then, if you’re like the typical consumer, you’ll spend the better part of next year paying, paying, paying for it! My suggestion? If you don’t have the cash set aside specifically for purchasing holiday gifts, then don’t do it. It really is that simple.

I know you worry about what your family and friends will think if you show up empty handed, and I know that your kids might whine for a few minutes on Christmas morning. But there are plenty of ways to enjoy the holiday without expensive gifts. Instead of shopping, spend time together caroling, baking cookies, and spreading good cheer. A cheerful attitude is easier to come by when you aren’t stressed out by spending money you don’t have.

But you say you’ve bought the gifts already? And wrapped them? It’s not too late — unwrap them, return them to the store, and have the cashier put the credit back onto your card. This year, try giving your love instead.

Happy Holidays!

Video: How To Stay Out Of Debt, a funny Saturday Night Live piece starring Steve Martin.
(Email subscribers, you’ll need to visit my website to view the embedded video.)

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Millionaire Mommy Next Door

A self-made millionaire shares her recipe for success, happiness and financial freedom.

7 thoughts on “Seriously, If You Don’t Have The Money, Don’t Buy It!”

  1. Every year I have a separate savings account set up right after Christmas and have $ transferred directly to that account following every paycheck. This allows me to painlessly save for the holidays and forces me to control my spending habits when out Christmas shopping. Cash only is the best way to go!

  2. Love it! We were talking today at work about how we’re in a recession but holiday shopping is still crazy. It makes you think!

  3. I told my family that I was swearing off present giving many years ago now. They weren’t fazed at all. They had been saying for many years that ‘maybe we shouldn’t do presents this year, we’ve got everything we need’ – they are of course still giving presents.

  4. You are not kidding, I’m sick of watching people I know bury themselves with most stupid ppurchases, alwas on credit.
    Stopping spending is the first step out of the debt swamp!

    John DeFlumeri Jr

  5. I just got word that Christmas has been approved and scheduled for Dec 25, 2010. :)

    NOW is the time to start saving. Most banks offer some sort of Christmas club. I recently discovered which seems like a good way to save.

  6. It’s been 5 years or more since my husband and I have used credit cards to purchase Christmas gifts. We have a very large family…5 kids and numerous relatives to buy presents for. We decide how much we want to spend on each person (including ourselves), and that’s it. Having a dollar limit really helps me because then I know how much I can spend when I am looking for a present for someone. We do the same with birthday presents for family members…we spend $20 on presents, and that’s it. If we didn’t keep gift giving under control we would spend thousands of unnecessary $$ every year.

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