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

focus on new truth public service loan forgiveness programDurable Power of Attorney for Health CareCNBCprotect and provide for minor child earn allowanceFinancial EducatorStock Investmentsteens and moneylive below your meanscompare monthly expensesloan necessitycommunity bankis it necessary?Student Debtbest interest ratesCredit Card Rate Increaseloan no longer than 36monthswould you decline a bonusis it necessarystretch out haircut appointmentscontribution overspend on giftsderailed planEmergency Savingsemergency fund savingsConventional loan PMIbudgetsuccesswomen outlive menMost Influential Celebrities Listhigher insurance deductibleidentity fraudFree Debt EliminatorForbes Top 10raise insurance deductibleFinancialUS Tax Code8 Rulesterm life insurance401Kgift not loanUniversity of Florida8 month safety netdon't derail retirement savingsalternative FICO scorebad decisionsForbesSuze changed my lifeswitch to spouse coverageage appropriate goalscredit managementsetup automatic savings withdrawpremiumOne Wallet At A Timepay 100% cashFinancial CliffSave Us Moneyorigination feesultimate compounding giftlife insuranceHDHP'sMoney Marketcostly insurance mistakeno late fee high deductible health care planRetirement Incometraditional vs roth 401(k)HDHP/HSAHoliday Seasonclosing disclosuredental savings plandental discount planLTCinterest capitalizationhome related tax break bonus Final Goodbyedon't defer interest paymentstelevision hostdangerous retirement planInfluentialslow down paymentSpendingholiday spendingcan you afford itpay high rate off firstAmy LacyetYoung Adult LTCi ASAPcredit unionfraudulent returnStudent Debt Crisisterm insuranceMotherstore credit cardsdon't ignore open enrollment20 year level term LTC shoppingmanage student loansGay Rightsovercome financial fearsCory Bookerbetter termsAuto Savings know before you owenew carwives should be involved in retirementSuze is my biggest mentorMortgage Credit Availability Indextake actiondo not pay allowance for good behaviorcredit reportfull retirement agemortgage interest tax deductionhousing marketlower overall drug costLong Term Care Insurance powerfulallowancepositive8 month emergency fundbill paying prioritiesno private loanstay positiveco-sign special saving accountignore 6 month grace period unexpected expenseloved ones dependent on incomeavoid burn outsocial security not going brokeAARPsocial workEric Dodge Bankruptcyhigh FICO scoreno splurge get health insurancemonthly benefit 19 years cash flow problemdental insurance add teenapproved medical 100% tax-freeStudent LoanRetirement SavingsEasy Life Insurance increase retirement savingsHolidayNew York LifeForeclosure50 over 50don't blow tax refundlower mortgage interestvalentines dayprotect your familyresponsiblefederal student loan deferment social securitylower premium3 step financial road mapsave moneyhome loan credit score below 740 only refinance if it paysSandy Hook Promiseclosing costs 2% of loanBankFHA loan feespaid vacationemotional stakeswomen long term caredeath benefit 20 to 25 times annual incomeiffy incomePrime Rate Rise 201510 year repayment plan Veterinary Schoollet them have 50% controlraise deductiblesExhibition4 Must Have Documents Prime Rate Increaseconfidentautomate student loan paymentsSuze Orman's Money Warsbuying car 2016leave a legacyprotect dependent automatic withdraw to savings Lovehealthy aging Financial Advicenegotiate points with bank or sellerloan big picture face your financial feardo you need life insurancemarriage financial responsibilityWall Streetroth iradon't extend mortgage 2016 adjust withholdingtitle insuranceFundssame sex marriage band end Floridaplanrolloversame-sex marriagesavings pleasurestudent loan repayment planlearn good financial choicesrequired disclosurethree year car loanmultiple lendersdangerous money seasonprescription tierstudentphysical healthlower rateinsurance mistakeno waiting periodFinancial Power of Attorneyemployer funding HSAteach importance of helping othersgift grandchild IRA contributionbe good exampleis it true? 6 month waiting periodkid borrow firsthome ownershiponly offered while employed !00% tuition paidbest loan deal college graduateclosing feespermanent life insurancebuying a carfocus on needsconsider roth 401(k)life insurance name trust as beneficiaryget over life insurance phobiamonthly dental insurance premiummarriage inequalitycost of capitalization calculatoropen enrollment review calculate dependents annual income needssmall changes college studentreferrals teenslong-term care premiumsFICO ScoreRichWarner Bros Television Groupmake saving a pleasureshop online guaranteed level term policyFinancial SystemPost-Divorcenot enough life insuranceno fee transferfile asapannual cost of living adjustmentgrandchild summer job IRA contributionno negativitybuy homeFICO at least 720lousy investmentrepay student loansLong Term Care shoppingGay CouplesAlarm Clockwomen live longerTeachhighest possible benefitinterest on student loanshome budget after tax costproperty taxhealthy retirement blood pressure3 savings buckets children under 18The Suze Orman Showsavingsdon't use allowance as bribefinancial goal phraseshort term goal gift up to 14,000ETF'sritual schedulealways use all paid time offRoth 401(k)big results 40% toward financial goalno interestsocial security never insolventCPI-Wone annual feeenjoy saving taxespay credit debt ASAPanticipated salarydebtinsurance yearly reviewNewtownat worst still pay 75% benefitback door Roth IRArequire chore in exchange for allowance2015 financial roadmapbuy home you can affordfinancial argumentsescrowbalance transfer Suze OrmanLong Term Care premiumsprotect loved ones no sneaking in feespurely financial standpointuniversal college accesspercentage men widowed 75-84FICO credit score credit card mortgageage appropriate chorecharges on credit cardInvest for savings growthjuggle multiple financial goalsAmericans don't use all paid vacation timeback-to-school budgetgrandparent IRA contribution mortgageletter to suzeinsurancecommitUrbana-ChampaignGracesummer job match income debit cardfour steps to retirement savings mortgage disclosurequick closingbetter loan ratesheartachegay marriage ban end Florida real estate mistakesadvice for college graduateshealthy retirement weightnot gender specific max employer matched 401(k) contributionverify wellness screening and programsretirementincentives for health care wellness screeningincrease retirement contribution rate2016 adjust estimated taxmeet monthly Credit scoreoverspend on nights outretain separate credit cardscreate new truthInfluential Celebritydon't do five year car loanget credit cardstudent loan repaymentschool car loanFinancial Solutions For Yousave Staffords this year have a fixed 6.8% interest rateunsubsidized Stafford loanFederal Funds Ratelow credit score15-year refinance dealbreakdown projected monthly housing costIRA contribution gifted moneydebt freestandard raterent vs buyretirment savingsautomatic paymentretirement plan20% equityspeak new goalloan is giftAccuQuote.comGoodbyepaying for collegeCivil Rightsdon't buy wantsno tax on withdrawlsNew american Dream financial fearsmoney vows401(k) Contributionszero rate transfer dealsunder 18 financial giftsecure creditlowest cost fund optionstudent loan debtCredit Card Interest Ratedon't spend Financial Awarenessdepreciating asset Commencement3% debt transferred Moneynear historic lowscnbc alarm clock2015 record year car salesyours, mine & ourscommunity collegeAshley SpringerCommunication Skills president Obamawomen longer life spanMarlo ThomasFinancial Gift CliffPhyllis Shelton expert long-term careGiftspay interest while in schoolget the most out of social security dream schoolInterestemployer offered life insurancehome insurance20% down paymentOverspendingEmployer Matched Contributioncar buying mistakesprovider of financial support3 bucket approachdeath benefit needs for familySelectQuote.comAARP Social security calculatorBeautyfinancial independencecomparison shoppingcar leasingswitch to roth 401(k)no life insurance financially irresponsibleHow To Build Creditlow-cost index mutual fundHeartbuy down Financial Awareness Video Festivalpaid in fullmoney-aware childno retirement funds for down paymentFRAJose RodriguezLifestyleHDHP's are good for youstudent loan repayment estimatorMoney-SavingFiscal Responsibilitycut monthly cable billHoliday Shoppinglong term careis it kind?Mass Mutualbecome member home buying mistakestax ID theftSandy Hook Elementary Schoolresponsible with moneykeep a schedulelong-term care Satisfyingstandard deduction point cost offset by savingsjanuary billsCOLAlong term goalpay more than minimumSuze Orman spouse Kathy TravisHDHP's are not badverify retirement plan with HR or plan sponsorBaby Boomersgraduationwrite new goalcredit cardreal estate marketdon't cover cosmetic dentistrypay down student loan debtRevocable Living Trustsidelinedcut monthly cellular billbe kind to yourselfinitial tax break allowance taskmortgage brokerbe true to yourselfsecured cardrefinancebad retirement planningmaintain standard of livingpush yourself to save more for retirementmax benefit coveredconfident of solutionpublic service career student loan repayment pay off debtpercentage of women widowed 75-84don't charge a pennyone credit cardPersonal FinancePBS Specialpreexisting condition not coveredChanging LivesUniversity of Illinoisdear suzeteach your child good money habitsincrease emergency savingswaive home inspection bidreduce interest ratemax employee matchadjust allocations retirement accountsmobile app10% donate to charityborrowing plan Citi Simplicity Card emergency fund TelepicturesCollege of Veterinary Medicinekids schedule paymentscouple financesdoctors in networkfamily save at least $100 monthlymental healthHSA tax savingsfinancial concernadult childrenAdequate Auto and Home Insurancebetter loan dealsSchool of Social Workhome buying budgetitemized deductionreplace permanent life insurance with termGiftHDHP pay down car loanPay Off Debt Before Retirementrising home pricescontribute household expenses overspend on dining outreduce monthly paymentWashington20% down payment avoid feesborrow each year, capitalization is going to pile up Suze approveddoctor no longer in networkhigh premiumsworst financial mistakeexercise reguarlySuze Orman Scholarshipvalue moneyfinancing car

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
© 2016 Suze Orman Media Inc. All rights reserved.
 |  Search  |  Sitemap  |  Privacy  |  Terms
Sign Up For E-mail Offers
Open Panel
Close Panel