Suze Orman TwitterSuze Orman FacebookSuze Orman YouTubeSuze Orman LinkedIn
View Blog & News List

How Not To Go Off The Financial Gift Cliff For The Holidays

December 14, 2012 at 9:23 PM

Whenever you feel fear about spending money that should be a sign that you're spending money you don't have to possibly even impress people you don't even know or like.

Always remember the holiday season is about giving. True giving is giving joy is giving time is giving appreciation showing true love for others.

If you are buying something for somebody and you have to put it on your 21% credit card and you can only pay the minimum payment due every time the bill comes in here is what I want you to get. Chances are the person that you're giving the gift to won't even remember what you gave them next year but yet you'll still be paying for that gift for the next 5 to 10 years or more.

Also if you do buy a gift and have to put it on your credit card at 21% interest and can only pay the minimum payment due every month when the bill comes in by the time you have really paid for that gift it could cost you triple. So If you're buying a $50 sweater look at that sweater and know in your situation it's going to cost you $150 because in fact it could. Is it really worth it.

Also here's the big thing that you really need to understand. If you don't have money and you're buying a gift for somebody chances are they don't have money either. If you give them a gift they're going to feel obligated to give you a gift back. Now you're both going to have to put those gifts on your credit cards and you're both going to be spending money that really neither of you can afford it. So you have to remember a gift a true gift is not only a gift fir the person that you're giving it but it's a gift to yourself as well. Gifts you can't afford will never be a true gift to yourself.

Now try this. Go up to people and simply asked them what were you given last year for Christmas. Watch the look on their face. I'm here to tell you chances are they will not even remember. So they can't even remember and yet you're still paying for that gift really people- do you think that's smart.

How Not To Go Over The Financial Gift Cliff For The Holidays

Why not use this time to talk to all of your friends and all of you decide not to buy each other gifts. Why not decide to each put $10 into a fund and give it to a non profit. You might want to go through your home and find. 

Everything that you haven't used for the past six months or a year or those items that still have price tags on it or are in the boxes that you purchased them in. Gather them and put them in the middle of your living room floor.

Now invite all your friends over for them to go through your stuff that you no longer want but that they may absolutely just love. You never know when your junk could be somebody else's treasure. They can do this as well. All the stuff that remains you just take it to the Salvation Army or Goodwill or other non profit. Make sure you keep track of the value of what you are giving to the nonprofit so if you itemize your taxes you can get a tax write off. Now that's Uncle Sam giving you a gift.

So many ways that you can make this holiday I truthfully financially enjoyable one not only for you but for all those in your situation as well.

Merry Merry Christmas everyone,

Tag Cloud

Federal PLUS loanpreexisting condition not covereddon't charge a pennyborrowing plan University of Floridaverify retirement plan with HR or plan sponsorLTCi ASAPincrease retirement contribution ratemeet monthly standard deduction multiple lenderscan you afford itTelepicturesCOLAbig results max employer matched 401(k) contributionsecured card20% down payment avoid feesone annual feeis it kind?InfluentialsSatisfyingreduce interest ratetaxestax refund fraudCommunication Skills lower ratehome loan credit score below 740 dangerous money seasonbest loan deal affordable premiumclosing feesCory Bookerteach importance of helping othersrolloverDeath Benefitsmall changes file taxes quicklymonthly benefit cut monthly cellular billlousy investmentmax employee matchlearn good financial choiceslow mileage discountcommunity collegedream schoolWall Streetcomparison shoppinglong term carestudentAuto Savings better loan ratesprotect loved ones strained relationshipovercome financial fearsAmericans don't use all paid vacation timeclosing disclosureSandy Hook Elementary Schoolrefinanceschedule vacationnot enough life insuranceHow To Build Creditloan necessityemergency fund Post-DivorcePhyllis Shelton expert long-term caredental discount planfinancing car pay more than minimumsummer job match income insurancepositivewaive home inspection bidgift grandchild IRA contributionpay credit debt ASAPlower mortgage interestpay off debtBankruptcydeath benefit 20 to 25 times annual incomehealthy gumsstretch out haircut appointmentssame sex marriage band end Floridafocus on needscredit managementNewtownfocus on new truth Fundsoverspend on dining outsocial security never insolventhome buying mistakesbuy home you can affordRetirement SavingsLifestyleSuze changed my lifeLong Term Care premiumsbreakdown projected monthly housing costlow down paymentLTCdon't blow tax refundfinancial aidAARPreplace permanent life insurance with termSuze Orman's Money Warswomen long term carequick closingFHA loan feesno private loansno retirement funds for down paymentbad retirement planningbest interest ratesCredit scoreincrease retirement savingsswitch to roth 401(k)verify wellness screening and programsultimate compounding giftFinancial Solutions For YouAccuQuote.comhealthy retirement weightlife insurance name trust as beneficiarydon't derail retirement savingsis it necessary?lowest cost fund optionhome budget after tax costcostly insurance mistakecar buying mistakesteens and moneyderailed planzero rate transfer dealskeep a scheduleco-sign Combo Insurance Products3 bucket approachRevocable Living Trustoverspend on nights outSelfishpublic service loan forgiveness programcollege graduateprotect dependent setup automatic savings withdrawpublic service career student loan repayment no waiting periodhealthy youbuy homedeath benefit needs for familyadjust allocations Holiday SeasonFederal ReserveRevocable TrustGifts20 to 25 times annual incomemonthly dental insurance premiumcontribute household expenses Suze Orman spouse Kathy TravisFixed Rate Mortgagestudent loan repayment plancommunity bankwrite new goaldebt free401(k) Contributionsbe good exampleLong Term Care shoppingpaying for collegesame-sex marriagesocial workcar leasingPersonal Financecalculate dependents annual income needsEmployer Matched Contributiontoo expensive schoolignore 6 month grace period don't extend mortgage 3 savings buckets Conventional loan PMIYoung Adult Financial Power of AttorneyLTC shoppingCNBCraise your deductiblecnbc alarm clockFinancial Advicepercentage men widowed 75-84add teenmarriage financial responsibilitycar loandangerous retirement planBankconsider roth 401(k)high deductible health care planARMJose Rodriguezpeace of mindget credit cardHDHP/HSAburn outVeterinary Schoolhousing marketno late fee unexpected expenseadult childrenGoodbyeCD'swomen live longerschool 10% donate to charityFRAbudgethome related tax break bonus teensretirement accountsworkaholicis it true? Financialmoney-aware childincrease emergency savings20 year level term credit reportForeclosureSuze approvedbe true to yourselfbetter loan dealsdon't use allowance as bribespecial saving accountMother2016 adjust estimated taxconfident of solutionno negativityloan big picture term insurancePrime Rate Rise 2015Swap Older Annuities or Life Insurance Civil Rightsitemized deductionholiday spendingmobile appGay Couplestelevision hostbuying car 2016Easy Life Insurance ritual scheduleAmy LacyetSuze Ormanlower overall drug coststandard rateCiti Simplicity Card max benefit coveredgift not loanlower interest ratedoctor no longer in networkbad decisionshome ownershipidentity theftfull retirement ageno private loanpaid in fullStudent Debt Crisissecure creditpowerfulFree Debt Eliminatorwomen longer life spanMoney-Savinglower premiumunder 18 financial giftEmergency Savingsinterest on student loansFederal Funds RateForbeschildren under 18financial argumentsbecome member permanent life insuranceuniversal college accessFinancial Systemterm life insuranceconfidentno life insurance financially irresponsibledon't ignore open enrollmentsave moneyfile asapETF'slive below your meansincreased auto insurance premiumhigh credit score discountlet them have 50% controlForbes Top 10higher insurance deductiblegay marriage ban end Florida charges on credit cardRichvalue moneyMoney Market8 month emergency fund3 step financial road mapmortgage disclosureMost Influential Celebrities Listsocial security not going brokeIRA contribution gifted moneyretirement planHDHP's are not badraise deductiblesWillvalentines dayno interestrising home prices3% debt transferred marriage inequalityMortgage Credit Availability Indexescrowtake action15-year refinance dealkid borrow firstcompare provider pricingage appropriate goalsteach your child good money habitskids schedule paymentsprotect your familypremiumGiftbill paying prioritiestraditional vs roth 401(k)point cost offset by savingsHDHP Urbana-Champaignhome buying seasoncredit cardaffordabilityExhibitionFinancial CliffHigh FICO Score = Better RateSave Us Moneylong term goalpay interest while in schoolface your financial feardebit cardmake saving a pleasurepaid vacationphysical health2015 financial roadmapMust Have Documents19 years cash flow problemreduce withholdingno tax on withdrawlscredit utilization ratetax ID theftdo you need life insuranceGraceswitch to spouse coverageprotect and provide for minor child yours, mine & oursUS Tax Codetitle insuranceVital Documentsreferrals Student Loan2015 record year car salesat worst still pay 75% benefitcompare monthly expensesSandy Hook PromiseAdequate Auto and Home Insuranceinterest capitalizationanticipated salaryautomate student loan paymentsrent vs buyjuggle multiple financial goalswomen outlive menthree year car loan20% equityfederal student loan deferment Influential Celebrityloved ones dependent on incomehigh premiumsrefund50 over 50Eric Dodge Washingtononly refinance if it paysshort term goal buy down High Credit ScoreStock Investmentsdental insurance Financial Awareness Video Festivalresponsiblehealthy teethno fee transferworst financial mistakeRetirement Incomeheartachenear historic lowsmortgageUniversity of Illinoisfraudulent returncollege studentroth iraStudent Debtmental healthbuying a carMinor Children percentage of women widowed 75-84healthy retirement blood pressureemployer funding HSABill and PennySuze Orman Scholarshiplow credit scoreiffy incomedon't spend ARM Cautionlong-term care LoveFinal Goodbyedon't cover cosmetic dentistryPay Off Debt Before Retirementreal estate marketMass MutualRoth 401(k)PBS Special!00% tuition paidshop online guaranteed level term policyget health insuranceHDHP'sThe Suze Orman ShowFinancial Gift Cliffstudent loan repaymentoverspend on giftsfinancial goal phraseavoid burn outsuccessSpendingonly offered while employed open enrollment review loan no longer than 36monthsautomatic withdraw to savings raise insurance deductibleemployer offered life insurancereal estate mistakesno apologyexercise reguarlyplangrandparent IRA contribution dental savings planone credit cardAARP Social security calculatorprescription tiereliminate credit card debtapproved medical 100% tax-freeOverspendingearn allowanceeight month living expense College of Veterinary Medicinehome buying budgetAlarm Clockbetter terms2016 adjust withholdinginsurance mistakeget over life insurance phobiafinancial independenceaccelerate dental workInterest8 Rules4 Must Have Documents higher monthly paymentmanage student loansorigination feesallowanceFICO credit score credit card mortgage740 credit scorecredit unionsave get the most out of social security raising mortgage rates doctors in networkChanging LivesCPI-Wemotional stakespay high rate off firstemergency fund savingsshorter payback periodpush yourself to save more for retirementWarner Bros Television GroupHeartclosing costs 2% of loancreate new truthCredit Card Interest Rateearn more on savingsno splurge is it necessaryenjoy saving retain separate credit cards6 month waiting periodback-to-school budgetdepreciating asset Teachsavings pleasure8 month safety netPrime Rate Increasecommitallowance taskNew York LifeSuze is my biggest mentorgraduationSchool of Social Workbe kind to yourselfmortgage interest tax deduction401Kcost of capitalization calculatorfour steps to retirement savings Legal Guardianalways use all paid time offstudent loan debtspeak new goalno sneaking in feesCredit Card Rate Increaselife insurancewives should be involved in retirementhighest possible benefit40% toward financial goalautomatic payment15 year mortgagereduce monthly paymentage appropriate choreHDHP's are good for yourepay student loansback door Roth IRAsocial securityGay Rightshome insuranceFICO at least 72010 year repayment plan spring summer Marlo ThomasFederal Stafford loaninsurance yearly reviewnew carsavingsadvice for college graduates2017 Taxesdon't do five year car loanHolidayfamily save at least $100 monthlyHSA tax savingsknow before you oweFiscal ResponsibilityAshley Springeralternative FICO scoreInvest for savings growthsidelinedhealthy aging identity fraudgrandchild summer job IRA contributionHoliday Shoppingdon't defer interest paymentsborrow each year, capitalization is going to pile up raising interest rateswould you decline a bonusStaffords this year have a fixed 6.8% interest rateInflation BenefitFinancial Awarenessinitial tax break january billsunsubsidized Stafford loanannual cost of living adjustment30 year mortgage require chore in exchange for allowanceleave a legacynon conventional routelong-term care premiumsdebtretirementpay down car loanrequired disclosureCommencementloan is giftDurable Power of Attorney for Health Careincentives for health care wellness screeningNew american Dream retirment savingsdo not pay allowance for good behaviorgift up to 14,000costly legal responsible with moneyMoneymortgage brokerFICO Scorecontribution SelectQuote.comproperty taxcut monthly cable billBeautyFinancial Educatorstaycationfinancial fearsprovider of financial supportnot gender specific financial concernpresident Obamamoney vowschildren's bookpay down student loan debthigh down paymentBaby Boomerslow-cost index mutual funddon't buy wantsdear suzeletter to suzebalance transfer student loan repayment estimatorstore credit cardspay 100% cashcouple finances20% down paymentnegotiate points with bank or sellerstay positiveOne Wallet At A Timepurely financial standpointLong Term Care Insurance maintain standard of livinghigh FICO score

View Blog & News List
People First. Then Money. Then Things.
Connect with me on Facebook Connect with me on YouTube Connect with me on Twitter
© 2017 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel