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,
SUZE

Tag Cloud

juggle multiple financial goalsEasy Life Insurance require chore in exchange for allowancephysical healthconfidentmanage student loansprotect and provide for minor child 2016 adjust withholdingpublic service career student loan repayment FICO at least 720one annual feenear historic lowsrequired disclosureSuze Orman spouse Kathy Travisget over life insurance phobiastandard rateLTC shopping2016 adjust estimated taxcommunity collegeRetirement Savingscredit unionbecome member Cory Bookerenjoy saving derailed planSuze approvedno splurge best interest rateshigh premiumsfocus on needsHeartbreakdown projected monthly housing costbalance transfer comparison shoppingrising home pricesmultiple lenderssave moneyshop online guaranteed level term policyhealthy aging studentgift not loanemotional stakescalculate dependents annual income needsNew american Dream HDHP's are not badcommit8 month safety nethome loan credit score below 740 pay more than minimumage appropriate chore40% toward financial goalgay marriage ban end Florida get health insuranceterm insuranceinterest capitalizationface your financial fearUniversity of Illinois3 step financial road mapfinancial argumentspaid in fullbetter loan dealsfederal student loan deferment universal college access10% donate to charitymax benefit coveredWashington6 month waiting periodiffy incomevalentines dayHSA tax savingscollege studentsmall changes buying a caroverspend on nights outco-sign Post-Divorcespeak new goalopen enrollment review women outlive menUrbana-Champaigndental discount planCollege of Veterinary MedicinesavingsUS Tax Codestretch out haircut appointmentsETF'slower mortgage interestescrowfamily save at least $100 monthlyChanging Livestraditional vs roth 401(k)long term carenew car15-year refinance dealmental healthStudent Loanmaintain standard of livingcompare monthly expensesdoctor no longer in networkMoney MarketinsuranceInterestdear suzeAARPrepay student loansEric Dodge Financial Advicepay off debtdepreciating asset Pay Off Debt Before RetirementJose Rodriguezhome budget after tax costlow-cost index mutual fundmarriage financial responsibilityrent vs buyCivil RightsAlarm Clockinsurance mistakeInvest for savings growthdon't do five year car loanMothertake actionreplace permanent life insurance with termFinancial Awareness Video Festivallong-term care insurance yearly reviewritual scheduleStudent Debt Crisisbig results not enough life insurancelong-term care premiumswomen longer life spanCommencementcar loancredit managementNew York LifeGoodbyeconfident of solutionSuze Ormanpaid vacationvalue moneybe good examplefile asapPrime Rate Rise 2015increase emergency savingscouple financessave higher insurance deductiblefinancial concernmoney-aware childteach importance of helping othersdangerous retirement plandon't charge a pennylive below your meansGay Rightsprovider of financial supportpush yourself to save more for retirementmoney vowsswitch to roth 401(k)is it true? 3% debt transferred be kind to yourselfwaive home inspection bidprotect loved ones switch to spouse coverageFederal Funds Ratecontribute household expenses earn allowanceRetirement Incomedon't extend mortgage Mortgage Credit Availability Indexget credit cardpay interest while in schoolwrite new goalno negativityretirement accountsworst financial mistake20% equityreal estate marketLifestyleAdequate Auto and Home Insurancerollover2015 record year car salesfocus on new truth car buying mistakespositiveautomatic paymentsame-sex marriageAmericans don't use all paid vacation timethree year car loanSatisfyingbetter termsFICO Scoreproperty taxspecial saving accountPhyllis Shelton expert long-term careMarlo Thomasbudgetclosing feesloan no longer than 36monthsheartachehome insurancelower rateno retirement funds for down paymentloan necessityfinancing car bill paying prioritiesborrowing plan Richmonthly benefit Graceautomate student loan paymentsMoney-Savingmortgage interest tax deductionmonthly dental insurance premiumhome related tax break bonus high deductible health care planverify wellness screening and programsExhibitioncollege graduateThe Suze Orman ShowSandy Hook Elementary SchoolNewtownapproved medical 100% tax-freeUniversity of FloridaStudent Debtdon't use allowance as bribeGay CouplesEmergency Savingsalternative FICO scoreFundsstudent loan repaymenthealthy retirement weightultimate compounding giftFinancialdon't blow tax refundmobile apppay 100% cashunsubsidized Stafford loanAccuQuote.comage appropriate goalspermanent life insurancenot gender specific standard deduction SelectQuote.comno late fee same sex marriage band end Floridaplan50 over 5019 years cash flow problemAmy Lacyetcar leasingsocial security never insolvent8 month emergency fundSuze Orman's Money WarsFree Debt EliminatorLTCsidelinedorigination feesLong Term Care premiumsdental savings planreduce interest rateFRAoverspend on giftsadult childrenWarner Bros Television Groupprescription tier20% down payment avoid feesmax employee matchCredit Card Rate Increasereduce monthly paymentprotect your familyFinancial Awarenesscharges on credit cardloved ones dependent on incomebest loan deal get the most out of social security closing disclosureCiti Simplicity Card increase retirement savingsConventional loan PMIgrandchild summer job IRA contributionFinancial CliffHolidayresponsible with moneyemergency fund Forbesback-to-school budgetFinal Goodbyepaying for collegeBaby BoomersRoth 401(k)women live longerFICO credit score credit card mortgagepercentage of women widowed 75-84cnbc alarm clocklearn good financial choicesno interestadjust allocations automatic withdraw to savings lowest cost fund option!00% tuition paidsecured cardsuccess401(k) Contributionsis it necessarymake saving a pleasureretirement planfull retirement agedebit cardjanuary billsbetter loan ratesstay positivekids schedule paymentspay down student loan debtfraudulent returnsecure creditGiftsLong Term Care shoppingalways use all paid time offbuying car 2016let them have 50% controlpay high rate off firstleave a legacyone credit cardHoliday Seasonpreexisting condition not coveredVeterinary Schoollong term goaldon't buy wants3 savings buckets Financial Solutions For Youonly refinance if it paysreferrals bad retirement planninglow down paymentSchool of Social Workovercome financial fearsignore 6 month grace period television hostsavings pleasurefinancial fearsincentives for health care wellness screeningzero rate transfer deals10 year repayment plan anticipated salarysetup automatic savings withdrawno tax on withdrawlsemergency fund savingsMost Influential Celebrities ListSuze Orman Scholarshipschool holiday spendingdon't cover cosmetic dentistryStaffords this year have a fixed 6.8% interest rate20% down paymentdeath benefit needs for familyteens and moneystudent loan repayment estimatorcostly insurance mistakeGiftHoliday Shoppingno private loanno life insurance financially irresponsibleMass Mutualgrandparent IRA contribution Financial Gift Cliffmax employer matched 401(k) contributionYoung Adult allowance taskreal estate mistakesForbes Top 10would you decline a bonusTeachbad decisionsInfluential Celebritycontribution protect dependent LTCi ASAPgift up to 14,000taxesemployer offered life insurancewomen long term carecommunity bankFinancial Systemgift grandchild IRA contributionlower premiumback door Roth IRAknow before you owedebt freeCNBCbuy home you can affordpay down car loancredit cardteach your child good money habitsexercise reguarlyInfluentialsraise insurance deductibleemployer funding HSAWall Streetfinancial goal phrasegraduationAuto Savings wives should be involved in retirementhome buying mistakesverify retirement plan with HR or plan sponsorsocial security not going broke401Kmortgage brokerborrow each year, capitalization is going to pile up four steps to retirement savings FHA loan feeslow credit scorebuy homecreate new truthrefinanceSuze is my biggest mentorSave Us Money3 bucket approachchildren under 18teensAARP Social security calculatorpremium8 Rulesdon't derail retirement savingsmortgage disclosureRevocable Living Trustinitial tax break overspend on dining outbuy down unexpected expensepercentage men widowed 75-84dream schoolno waiting periodletter to suzedental insurance LoveForeclosureis it kind?quick closingHDHP HDHP's are good for youno sneaking in feesconsider roth 401(k)debtLong Term Care Insurance housing markethome ownershipPersonal Financeidentity fraudkid borrow firstpurely financial standpointadvice for college graduatesBeautyretirementno fee transferdon't defer interest paymentspresident Obamaat worst still pay 75% benefitcut monthly cellular billCredit Card Interest Ratetax ID theftPBS SpecialCommunication Skills IRA contribution gifted moneyTelepicturesHDHP'sfinancial independenceStock Investmentssummer job match income Durable Power of Attorney for Health Carehealthy retirement blood pressurehome buying budgetmarriage inequalitykeep a schedulelower overall drug costFinancial Power of AttorneyFiscal Responsibilityretirment savingsstudent loan debtonly offered while employed interest on student loansdon't spend loan is giftclosing costs 2% of loanyours, mine & oursEmployer Matched Contributionshort term goal Bankruptcyretain separate credit cardsBanksocial worknegotiate points with bank or sellerloan big picture Spendingpublic service loan forgiveness programmeet monthly Credit scoreFinancial Educatortitle insuranceadd teencut monthly cable billcan you afford itpay credit debt ASAPdo you need life insurancePrime Rate Increasepoint cost offset by savingsMoneyis it necessary?Sandy Hook Promisecredit reportresponsibleallowanceunder 18 financial giftOne Wallet At A Timedeath benefit 20 to 25 times annual incometerm life insuranceavoid burn outroth iraitemized deductionincrease retirement contribution ratebe true to yourselfSuze changed my lifelousy investmentAshley Springerdon't ignore open enrollment4 Must Have Documents How To Build Creditdoctors in networkHDHP/HSAmortgage2015 financial roadmapcost of capitalization calculatorlife insurancepowerfuldo not pay allowance for good behaviorOverspendingstore credit cardsstudent loan repayment planhigh FICO scoredangerous money seasonraise deductibles


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