Knowledge Hoop

Today is a day when most of us will reflect on our blessings, spend time with our loved ones, and eat till our heart’s content.  In addition to enjoying great food, family and friends, many of us will stand in line to take advantage of the numerous deals that will be available on Black Friday and Cyber Monday.  According to a study performed by American Express, Americans will spend an average of $831 on gifts this holiday season with many spending $504 on Black Friday.  While it’s nice to think of others and remember them through the act of gift giving, we should not create additional stress for ourselves by ‘giving away the bank’ during the holiday.  After all, there’s life after Christmas day. 

Before you join the masses in the ‘hustle and bustle’ tomorrow, consider the following money saving tips and gifts that can benefit the recipient beyond Christmas day:

• Establish a Gift Giving Budget.  Before you begin your shopping journey, decide how much you can afford to spend.  I recommend that you not only establish a lump sum budget, but you should also create a list of all the people you plan to buy for and establish a budget for each person.  If you do plan to begin shopping on Black Friday, take time today to create your detailed budget and review the numerous sales ads that will be included in today’s newspaper.  In essence, develop your plan of action
• Give Gifts that are Impactful.  Take a moment and think about those on your list.  What makes them tick?  What causes are they most passionate about?  I’ve often heard people say, “What do you buy for someone who has everything?”  In lieu of buying something that they may not use, consider making a donation to their favorite charity.  You might also want to consider their hobbies; a gift card to a store that supports a hobby (e.g., Hobby Lobby for a Scrapbooking, Bass Pro Shop for hunting and fishing, etc.) will definitely be appreciated and used by the recipient
• Give the Gift of Exposure.  Perhaps you have someone on your list that has never experienced being pampered, or maybe they’ve talked about taking dance lessons, but have never taken the time to do so.  This holiday season; consider giving a gift of a new experience.  This is especially important for children.  Many times as parents we will buy toys and video games for our kids, but what if we used that money to pay for swimming lessons, basketball camp, or music lessons?  Remember, we are significant contributors to our children’s value system.  This Christmas, think about the camps or lessons that you wanted to enroll them in last year but didn’t have the money to do so; take a moment and set aside a portion of your Christmas budget to ensure that they’re able to participate this time around.  A child may not remember what toys they received from year to year, but they will remember a gift of exposure

As we ‘break bread together’ and enjoy our families, don’t forget the reason for the season.  Take a moment to pray for those that are less fortunate, and make a commitment to keep your Christmas spend within your means.  Although my father-in-law is no longer with us, he had a saying that I will share with you today, “Love one another and take care of one another.”  Happy Thanksgiving!