As I see the toll that this economy continues to take on my clients, I find that my own views of holiday shopping are changing. As stores close, as companies lay-off and cut back, and as friends and family struggle, I am doing what I see my own clients doing: reevaluating what’s really important. So while the media increasingly reminds us that we are just days away from the start of the 2009 holiday season, here are some tips that could help you through next year, could help you even more if you think you need to seek bankruptcy protection – and could help you stay out of trouble if you’re already in bankruptcy.
Set a budget. Stick with it.
Put The Plastic Away. Assuming you still have access to credit, don’t use it. Use cash. I understand that cash does not come with point or miles, but remember, cash also does not come with a 29% interest rate. One last great holiday shopping spree before meeting with the bankruptcy attorney could invite some unintended consequences in a 2010 bankruptcy.
Don’t get lulled into the holiday hype. The television and radio commercials have started. Even I am finding myself humming a jingle or two (I try not to …really, I do). Before you know it, the holidays will be over. I’m not saying “Bah Humbug!”, rather I am suggesting that you maintain perspective. Start this weekend – by reminding yourself of all that you have to be thankful for.
Don’t fall for the holiday shopping hype. Don’t listen to politicians or pundits to further encourage people to spend money they cannot afford to spend because it will be “good for the economy.” It won’t. The economy will be still a mess next year (believe me, it will). A few shopping trips to the mall are not going to change anything and will not spark the flame of economic recovery.
Finally, do what you can to reach out and help those that are having a tough time this year. Somewhere near you there’s a bell ringing and the red kettle, there is an animal shelter or two that needs help and there are friends, coworkers and neighbors who may need a hand and be too proud – or even too ashamed – to ask. That gift will be remembered and cherished well into the next year. And that gift is priceless.
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