Last week, I was back on Yahoo! Finance to discuss some personal finance tips for the holiday season and, surprise, coffee.
I am not the biggest fan of the holiday budgeting narrative. Why, all of a sudden, do people think they are going to get serious about their spending at the time of year they historically spend the most? If anything, we are going to see people exhibit their worst financial behavior over the next several weeks. A few extra rounds at the bar with friends? Bottom’s up! New attire for the company holiday party? Flossing! Treat Yo’ Self? Treat yourself!
Yes, people spend more during the holidays than they normally do at any other point in the year. You don’t need the data to back that up. But I said in the clip, I am not here to Grinch away your holiday spirit or rob you of your festive joy. That’s just not my style. I wait for January 2 to lay on the guilt. So, allow me to offer you these alternative ways you can spend during the holidays instead.
In a material world fueled by digital content at every swipe. Where Instagram has basically become an online version of QVC. I want to remind you that not everything you get someone this holiday season needs to be the purchase of goods or services. Sometimes the best gift you can give is your time. Creating memories and experiences can offer rewards far greater than any new gizmo or gadget can. Simply being present can make the best present of them all. I personally struggle with this, so I know how difficult it can be to put the phone down and do something fun with the people you love.
If you need something to do, please don’t forget that there are those who are less fortunate than us this holiday season. Perhaps you can spend your time giving back to your local community and those in need. My friend and colleague Tyrone Ross, Jr., (who has been doing stuff like this for forever) recently sparked a movement within our profession that helps people by paying for holiday gifts places on layaway at their local Walmart. You can make a good Samaritan payment specific to someone’s holiday gift list and make some kids very happy for the holidays.
Speaking of kids, you can also spend your time and a little bit of money educating yours on basics of investing and developing good money habits. For example, you can find out what they’re into and, if it’s made by a public company, buy them some shares of that company’s stock. Imagine their faces when they learn they are an owner of a business that makes something they love. Who knows where it will then take them? Maybe it sparks their curiosity to learn more about how things work in the financial world that surrounds them.
There’s no shortage of things you can do to make this holiday season special without spending a lot of money. Spending is not only you can do with your money, but also what you can do with your time and energy. I encourage you to incorporate this type of thinking into not just your holiday gift giving this year and every year. At the very least, when you look at your credit card statement next month, you won’t be too depressed knowing that you did more than rack up a large outstanding balance.
With only two (maybe one) blog posts left in the year, I want to take this opportunity to wish all of you a very Happy Holidays. The time and attention you give me to read these notes each week is one of the greatest gifts I could ask for. Enjoy spending time with your friends, family and loved ones over these next few weeks. Cheers!
Come spend your energy in the time-suck know as Twitter:
If you were bad with spending money throughout the year, there’s a 0% chance you’re going to be better this holiday season. pic.twitter.com/GCgGM5sAAV
— Douglas A. Boneparth (@dougboneparth) November 18, 2019