Education & Distance Learning Enthusiasts- How to end the season with more joy and $$$$$

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How to end the season with more joy and $$$$$ - Money Talks

Ebony - December 1, 2003

BETWEEN shopping lists, Christmas gifts and end-of-the-year expenses, shoppers spend more than they have, borrow more than they should, and end up paying their Christmas bills well into the next year. But you can break the bad habits of the past by taking advantage of new spending habits that will leave you wealthier, healthier, happier and in control of your finances.

The following suggestions from finance experts should help you to get your money matters in order and prepare for the new year:

Make a Budget and Stick to it. Creating a financial plan, not only for this season, but for the upcoming year, helps create and maintain solid financial goals while providing a guideline for structured spending habits. It is especially important to set spending limits and stick to them before you enter the stores. "You need a budget because at Christmastime, retailers are organized to make you spend on the higher side," says Carlita Collins, a 32-year-old Chicago-based CPA who follows a cash-only Christmas budget. "Stores target your generosity and take advantage of the season and your mood for giving. So, if you don't go in with a budget, they will convince you to buy more than you planned."

Give Love Instead Of Items. Rather than a financial gift, consider using your time or your love. Make a favorite dish or desert for someone, or create an indoor winter picnic for your significant other. Kwanzaa celebrations are already organized around creative giving, creative thinking and the well-being of others and the community. Think of what's most important to that person and gear your creations toward that objective.

Give Money. Creating a solid understanding of the value of money is an invaluable asset for anyone at any age, but especially for young people. Start a tradition of giving assets, including certificates of deposit, money market accounts, mutual funds, stocks and bonds. "A lot of us earn high school diplomas or GEDs and many of us receive college degrees ... yet nowhere are we taught the basics of how money works," says Jesse Brown, author of 101 Real Money Questions, The African American Financial Question and Answer Book. Start teaching money principles to your children through what Kwanzaa calls Ujamaa (cooperative economics), by putting stocks and bonds under the Christmas tree.

Give Collectively. Many African-Americans have decided to pool their resources with other givers, creating a collective gift that makes an enormous impact on the community and those within it. This year, make a collective contribution to your favorite charity or a worthy cause in your community in the name of your friends or family members. Celebrate the season, save money and help the community.

Give Gift Certificates. Don't try to meet the need and whim of each person on your list. Instead, opt for easy-to-use, easy-to-find gift certificates from your favorite store.

Buy Off-Season. This year, finish all of your Christmas shopping before the holiday season starts and complete your shopping for the following year. For the biggest savings, purchase Christmas gifts during the off-peak summer months from outlet stores, clearance stores and online shopping channels. Use coupons, take advantage of rebates and comparison-shop before you buy.

If you follow these and other simple, time-tested financial principles, you are likely to wake up on Christmas morning with more money, more joy and more confidence about your future!

If you would like to discuss any of the issues raised in this article with hundreds of other Education & Distance Learning enthusiasts from around the world, please feel free to visit the discussion forums & post a message.

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