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

2016 adjust estimated taxcalculate dependents annual income needsmobile appenjoy saving long-term care premiumsstore credit cardsFinancial Adviceretain separate credit cardslousy investmentcommissionsLTC shopping2017 TaxesTeachFinancial Power of Attorneyfinancial goal phrasereferrals refinancedear suze15 year mortgagemonthly dental insurance premiumyours, mine & oursdental discount planlow-cost index mutual fundpay 100% cashrequired disclosureterm insuranceovercome financial fearsfamily save at least $100 monthlyfile taxes quicklyidentity theftRetirement Savingsone credit card40% toward financial goal20% down paymentdepreciating asset children's bookmortgage interest tax deductionCredit Card Interest Rateleave a legacyprotect loved ones paid vacationspecial saving accounttake actionearn more on savingsautomate student loan paymentspay credit debt ASAPterm life insurancerepay student loanshome buying budgetcommitkid borrow firstno interestphysical healthNewtownYoung Adult LifestyleFiscal Responsibilitystudent loan repaymentsetup automatic savings withdrawincentives for health care wellness screeningcouple financesLoveteach your child good money habitsback door Roth IRANew american Dream closing costs 2% of loan8 month emergency fundno tax on withdrawlsbig results Durable Power of Attorney for Health Caremortgageinsurance yearly reviewsummer job match income point cost offset by savingsidentity fraudspring summer reduce withholdingHDHP/HSApay more than minimumat worst still pay 75% benefitsavingslife insuranceinsurancepay off debtincrease emergency savingsengaged in financesSuze Orman spouse Kathy TravisFinancial Awarenesscostly legal no apologyloan is giftCredit scoreWillapproved medical 100% tax-freewaive home inspection bidkeep a scheduleFederal Reservedon't blow tax refundtax ID theftbuy homewives should be involved in retirementhousing marketadvice for college graduatesbalance transfer buying car 2016under 18 financial giftSatisfyingpurely financial standpointPay Off Debt Before RetirementRoth 401(k)max employer matched 401(k) contributionbe good exampleHow To Build CreditAmericans don't use all paid vacation timeForbeslower premiumverify retirement plan with HR or plan sponsorproperty taxoverspend on dining outAmy LacyetUS Tax Codeemployer funding HSAcreate new truthonly refinance if it payssuitableExhibitionGoodbyedream school20 to 25 times annual incomelet them have 50% controlshorter payback periodsuccessaccelerate dental workCory BookerAARP Social security calculatorlower overall drug costresponsiblestay positivecollege studentcut monthly cellular billbetter termsno retirement funds for down paymenthigh credit score discountGiftsNew York Lifeprescription tierjuggle multiple financial goalsprofessional advisorincreased auto insurance premiumETF'swomen long term carebill paying prioritiesthree year car loanraise your deductiblecollege graduateresponsible with moneyCOLAprotect your familyalternative FICO scoreRevocable Trustworkaholicnot gender specific long term goalallowance taskLong Term Care premiumsstudent loan debtMust Have DocumentsPrime Rate IncreaseGraceprotect and provide for minor child 3 bucket approachConventional loan PMICollege of Veterinary Medicineloan necessityinterest capitalizationUniversity of Illinoislong-term care don't buy wantsHSA tax savingsmoney vowsdon't derail retirement savingsmaintain standard of livingautomatic paymentannual cost of living adjustmentstudent loan repayment plannear historic lowsunsubsidized Stafford loanis it necessary?value moneytoo expensive schoolpercentage men widowed 75-84CommencementstudentBankruptcydon't cover cosmetic dentistryThe Suze Orman Showdon't use allowance as bribeback-to-school budgetSuze changed my lifeswitch to spouse coveragecredit reportget the most out of social security Federal Stafford loantitle insurancemental healthBankfinancial independencePhyllis Shelton expert long-term careHeartschool real estate mistakesFinancial Educatorquick closingVeterinary Schoolunexpected expensePost-Divorcehome insuranceInfluentialslow mileage discountbest interest ratesfiduciaryprotect dependent RichSuze OrmanCommunication Skills One Wallet At A Time8 month safety netfour steps to retirement savings Civil Rightsteenscredit cardmarriage financial responsibilitycontribute household expenses home related tax break bonus 740 credit scorelow credit scoreLong Term Care Insurance financial fearssocial security never insolventbuying a carEric Dodge percentage of women widowed 75-84escrowteach importance of helping others3 step financial road mapspeak new goalchildren under 18ultimate compounding giftshort term goal earn allowancefinancing car women live longerinsurance mistakestretch out haircut appointmentsStock Investmentsanticipated salaryfinancial argumentsStudent Debt CrisisCD'slower ratefocus on needsbetter loan dealssidelinedstudent loan repayment estimatorignore 6 month grace period closing disclosureCredit Card Rate Increasehome buying mistakesUrbana-Champaignage appropriate choreis it necessaryinterest on student loanshealthy youlow down payment2016 adjust withholdinghigher insurance deductiblehealthy gumslower mortgage interestmake saving a pleasureaffordabilityCNBCuniversal college accessalways use all paid time offcompare provider pricingheartacheFederal Funds RateFHA loan feesgrandparent IRA contribution learn good financial choicescnbc alarm clockholiday spending!00% tuition paidiffy incomesavings pleasureForbes Top 10FRApresident Obamacompare monthly expensesstaycationSwap Older Annuities or Life Insurance retirement accountsmortgage brokerhome buying seasonadjust allocations no late fee valentines dayFinancialbest interest of investorconfidentMotherone annual feeeliminate credit card debtHoliday ShoppingAARPstrained relationshipreduce interest rateSuze approveddon't defer interest paymentsfile asapCPI-Wbudgetclosing feesincrease retirement savings8 Rulesavoid burn outInfluential Celebrityno waiting periodBill and PennyAlarm Clockhigh premiumsLTCEmergency SavingsRetirement Incomepermanent life insurancecredit managementlong term careOverspendinghigher monthly paymentbest loan deal Gifttaxesretirement planconfident of solutionFICO at least 720money-aware childfocus on new truth buy home you can affordRevocable Living Trustget credit cardSelectQuote.comlife insurance name trust as beneficiarydon't do five year car loanco-sign paying for collegedeath benefit 20 to 25 times annual incomeno negativityFixed Rate Mortgagesecure creditraising mortgage rates non conventional routeMarlo Thomasdon't charge a pennypay down car loanInvest for savings growth2015 record year car salesSpendinggift up to 14,000premiumdoctor no longer in networkMoney-Savingtax refund fraudno private loansstandard deduction Holiday Seasonpublic service career student loan repayment Combo Insurance Productsroth iraborrow each year, capitalization is going to pile up social securitySave Us Money19 years cash flow problemWarner Bros Television GroupWall StreetFinancial Cliff10 year repayment plan bad decisionsfull retirement agerequire chore in exchange for allowancesame-sex marriageFinancial Gift CliffLong Term Care shopping6 month waiting periodStudent Debtraise deductibleseight month living expense Personal Financecommunity bankmanage student loansget health insurancestandard rateBaby BoomersMass Mutualwomen longer life spanAuto Savings comparison shoppingSuze is my biggest mentorritual schedulehigh down paymentpay down student loan debtnot enough life insuranceSuze Orman's Money WarsSuze Orman Scholarshiprising home pricesborrowing plan fraudulent returnloan no longer than 36monthsretirment savingsget over life insurance phobiaopen enrollment review Financial Solutions For Yousave replace permanent life insurance with termgrandchild summer job IRA contributionMoney Marketjanuary billsteens and moneyLegal Guardiannegotiate points with bank or sellerexercise reguarlymortgage disclosureFinal GoodbyeSandy Hook Promise3% debt transferred initial tax break same sex marriage band end Floridaitemized deductiongift grandchild IRA contributionwomen outlive menmultiple lendersdebtEmployer Matched Contributionno life insurance financially irresponsibleplanverify wellness screening and programsbuy down schedule vacationshop online guaranteed level term policyBeautycontribution FICO Scoredoctors in networksocial security not going brokebe true to yourselfgraduationEasy Life Insurance PBS SpecialFinancial Systemdon't spend School of Social Workmonthly benefit no fee transferPrime Rate Rise 2015death benefit needs for familytraditional vs roth 401(k)switch to roth 401(k)dangerous money seasonpreexisting condition not coveredpositiveHDHP gift not loanmax benefit coveredpublic service loan forgiveness programdangerous retirement plansecured cardfinancial concerncan you afford itdon't extend mortgage Mortgage Credit Availability IndexUniversity of Floridahighest possible benefitfederal student loan deferment Student Loanreduce monthly paymentFree Debt Eliminatoroverspend on giftsloved ones dependent on incomelowest cost fund optioncredit unionAdequate Auto and Home Insuranceemotional stakes30 year mortgage automatic withdraw to savings pay interest while in schoolARM Cautionno private loansmall changes Inflation Benefitmax employee matchno splurge Federal PLUS loandental savings plan401(k) Contributionsburn outMoneyHigh FICO Score = Better Rateprovider of financial supportzero rate transfer dealsraising interest ratesChanging Livesdon't ignore open enrollment401KHDHP's are good for you3 savings buckets refundGay CouplesHDHP's are not badworst financial mistakeadult childrenFundsbetter loan rateshome ownershipFinancial Awareness Video Festivalderailed planVital Documentscredit utilization ratehealthy retirement blood pressurepeace of mindForeclosuredo not pay allowance for good behaviordo you need life insuranceHDHP'scut monthly cable billemergency fund marriage inequalitySandy Hook Elementary Schoolemployer offered life insurancecommunity collegeadd teenloan big picture debit cardpowerfulonly offered while employed high FICO scorewould you decline a bonusbe kind to yourselfknow before you oweJose Rodriguez4 Must Have Documents pay high rate off firsthealthy teethAccuQuote.comis it kind?cost of capitalization calculatorgay marriage ban end Florida 10% donate to charitydental insurance 50 over 50push yourself to save more for retirementcar loandebt freeraise insurance deductiblesave moneyallowanceage appropriate goalsno sneaking in feesnew carIRA contribution gifted moneybecome member Citi Simplicity Card Minor Children Ashley Springeris it true? High Credit Scoreorigination feescar buying mistakesLTCi ASAPlive below your meanshome budget after tax costARMconsider roth 401(k)letter to suzeMost Influential Celebrities Listpaid in fullSelfishDeath Benefitmeet monthly overspend on nights outretirementhigh deductible health care planWashington20 year level term 2015 financial roadmapfinancial aidincrease retirement contribution ratelower interest rateface your financial fearkids schedule paymentsbreakdown projected monthly housing costbad retirement planningrollovercar leasingreal estate marketwrite new goalTelepicturesrent vs buy20% down payment avoid feesaffordable premiumFICO credit score credit card mortgagecharges on credit cardhealthy aging social workInteresttelevision host15-year refinance dealhealthy retirement weightGay RightsStaffords this year have a fixed 6.8% interest rateHolidayemergency fund savings20% equitycostly insurance mistakehome loan credit score below 740


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