Have Yourself a Merry Little Christmas
Efren Ll. Cruz, RFP®
(The article first appeared in Business Mirror.)
Christmas is once more around the corner. People and establishments are beginning to decorate with multi-colored lights. Chestnuts (castañas) are roasting on the open fire, sales ladies are donning Christmas hats while malls are making every effort to make the yuletide gay.
It’s that time of year when good friends are dear. Yet you have an enemy that can wreak havoc to your season of joy. And who else could that be than wanton spending. So as the saying goes, keep your friends close and your enemies closer.
How do you keep a close watch on your spending this Christmas? Despite the recent global financial crisis, the urge to splurge seems to be stronger than ever. You feel obliged to give material gifts even though no greater gift is there than love.
Firstly, save first before you spend. You don’t have a fountain that springs eternal wealth. Come up with a budget and stick to it. And to guide you in your budgeting, manage expectations.
Everyone wants to receive something, anything in shiny colored wrappers with those gold and silver trimmings. So twelve days or weeks before Christmas, start dropping hints to those expecting from you that you want to do something different this season and for the seasons to come. Tell them that what they will receive from you is going to be worth more than material things.
More importantly, manage your own expectations. You do not have to give if you are a poor boy (or girl) too with no gifts to bring, especially if you are one of the victims of the recent typhoons. But if you do have the means, you do not have to blow it all off this Christmas.
So what could you give this Christmas that would speak volumes of your love and care for others? Why, your imagination and creativity of course. Putting value added is the name of the game. It tells the receiver that you put thought into your gift and didn’t buy a ready-made one just so you can say that you have a gift.
Don’t digital cameras come with movie making software nowadays? So why not make an MTV for your loved ones? There are also so many inexpensive arts and crafts items that you could create from the materials you already have at home, paper mache being one of them. It can even be as simple as giving a “pimped” card. Once, I bought a card that had a popular cartoon character holding up a red balloon. To make it more meaningful, I attached a real red balloon to the card itself – and believe me, it was a hit.
For children, take advantage of their own imagination. It doesn’t take much for a child to turn a tea set into an afternoon gathering with the Queen of England. You just have to inject the proper motivation. Why, when I was a child, I turned tens of bottle caps into warring armies. There were even damsels in distress waiting to be rescued.
Now if you are the type who needs off-the-shelf items from stores to jump start imagination and creativity, do a Santa Claus. Make your list before you go to the store and check it twice. Add weights to what you give by finding out who has been naughty or nice. And when you finally get to the store, limit your time there. Let your list be your red nose that would guide your shopping sleigh that night (or day). And don’t wait for the last minute. Shop early, even as early as the start of the year. There may be post-Christmas season discounts on items that shops need to get rid of. Take advantage of discounts and discount stores, even those in Divisoria.
One of the better gifts to give is the one that keeps on growing. No matter how small, open a savings or investment account for someone you love. At the every least, the account will teach them a thing or two about money. Hopefully, it will be their catalyst in working towards their own financial freedom.
If you follow these few simple steps, you should be in a better position to reign in your spending this season, even if attractive borrowing options abound.
One last thing. There are people who are so down and out that they don’t even realize that it’s Christmas time at all. So why not share your fortune with them and let them know that it’s Christmas time once more?
Do have a Merry Little Christmas this year. Cheers!
Efren Ll. Cruz is a registered financial planner with the RFPI USA. He is author of the bestselling books, “Pwede Na! The Complete Pinoy Guide to Personal Finance” and “Pwede Na! The Complete Pinoy Guide to Retirement & Estate Planning.” He is Chairman and CEO of Personal Finance Advisers Philippines Corporation. This article does not constitute nor forms part of any offer or solicitation of an offer to buy or sell any securities. The opinion and views expressed herein are solely those of the author’s and do not necessarily reflect those of the Personal Finance Advisers Philippines Corporation.