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Budget Item: How Many Days Until Christmas?
By Molly's Brother | July 19, 2006
I don’t want to this post to be the premature harbinger of the Christmas Season. No, you’re right. It’s only July. Municipalities across the country are still taking down their 4th of July banners and trash collectors everywhere are still picking up the occasional firecracker and remains of the fireworks display. However, with just under five months to go, it’s time to think about budgeting for your Christmas gifts this year.
We personal finance bloggers are all too aware that Americans are enslaved to a cycle of credit card debt and–unfortunately–many Americans get into debt, get further into debt, and continually stay in debt because of the Christmas season. They spend the calendar year knocking down that balance on their MBNA account. Their Visa balance is inching it’s way to zero. The other MasterCard was paid off.
And then it happens. Thanksgiving. And then the day after Thanksgiving. And then we pull out our credit cards to buy this and buy that, thinking that it’s only $60 or $250 or $1000 more that we’re putting on the card. Before we know it, we’re back in debt and we vow to spend the upcoming year slowly climbing out of credit card debt.
My message to you: There’s still time! Budget for Christmas gifts. Budget for all gifts. Make it your goal to only use cash this Christmas season.
Topics: Your Budget |
July 22nd, 2006 at 5:23 pm
Hi, I just wanted to let you know that I’ve just stumbled onto your site, and I really enjoy it. I was just thinking a little while ago that there are v few pf blogs by people in the non-profit sector. Most of them are people that make more money than I ever will, so I’m glad I found you. Your writing is pretty terrific, also. Thanks for writing.
July 22nd, 2006 at 7:43 pm
imagynne–thanks for the comment!
July 25th, 2006 at 1:50 pm
Can I suggest something? If you have the willpower/discipline: start saving up your pennies now, use a rewards credit car to charge the gifts you were going to buy (STAY ON BUDGET though) and then pay it all off when you get home. Heck, if you might “forget”, send in an early payment to create a “debit” card that will give you some money/rewards back. Really, it’s free money for using money you would have spent anyway. But budget first, otherwise the whole “would have spent it anyway” can spiral completely out of control.
July 25th, 2006 at 1:53 pm
I think that people should develop the discipline needed to budget and spend accordingly first. Once that happens and spending is under control, then these creative options of using cc and carrying a balance can be a great way to earn some extra freebies.
But all too often, it is a very slippery slope.