Sunday, November 29, 2009

Think Before You Spend

The holiday season has arrived and everyone is getting ready to spend money. Department stores are luring consumers to the stores with early hour sales. Don't get caught up in the holiday shopping frenzy. Think before you spend. If you don't have the cash don't flash – don't use your credit card to buy holiday gifts.

If you have the money after the holiday season and have paid all of your bills and creditors, buy gifts the day after Christmas. Department stores have great deals the day after Christmas and you may even get better deals than those offered during the Black Friday sales.

Many people have lost sight of what the holidays are all about. The holidays are not about buying or getting gifts - it is about spending time with your family and being thankful for what you have – not for what you don't have.

January and February have the highest number of bankruptcies and divorces and finances are one of the main reasons for divorce. Ask yourself these questions before you start shopping for gifts this holiday season.

1. Do have to charge your Christmas or holiday gifts this year?

2. Did it take you 6 months or more to pay off your debts from Christmas or holiday shopping last year?

3. Did you buy too many expensive gifts or more than you should have?

4. Are you buying expensive gifts to impress someone or to "keep up with the Jones"?

5. Are you ashamed that if you buy a gift that costs $20 people will think you are cheap, poor or broke?

6. Why do you feel the need to spend money that you don't have?

7. Will buying gifts this holiday season help or hurt your financial situation?

8. Do you make your own choices to spend money or do you let others influence you, i.e. media, friends, relatives, your children, spouse, advertisements, etc.?

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