Viewing entries tagged
Christmas and holiday season

5 Important Spending Considerations for Christmas 2018


5 Important Spending Considerations for Christmas 2018

I love iPhones and the 1,300 USD IPhone XS has been tempting me for the past few months. It must be a blessing in disguise that I’m broke beyond measure. Otherwise, I would close my eyes and bought this overpriced phone. The guilt I’d feel after the purchase would resonate with me for months, but at least I’d have a new phone right?

You may not be an iPhone fan, but there must be a high-priced item you love that you’d buy the moment you could afford it. The over commercialized nature of this time of the year only makes it more difficult to avoid overspending on these and other items. Your attempts to justify the purchases are inconsequential. For instance, I won’t deny that I need a new phone, but there are other smartphones with even better features than the iPhone that I can purchase.

The Christmas season makes some of us believe that we have the right to spend frivolously. It’s the most wonderful time of the year isn’t it? Before you spend your last dime buying that over-priced item that you’ve wanted all year, keep these personal finance considerations at the forefront of your mind.

What are your long-term goals?

Those who are serious about wealth creation have clear long-term goals. They have dedicated investment accounts to which they religiously deposit funds each month and they keep their eyes open for new investment opportunities. Be one of these people. Your investment account isn’t meant for you to dip into for whimsical purchases; it’s an account you create so that you have money for a future goal. Don’t use that money to purchase things that threaten that long-term goal.

Do you have a spending budget for the holiday season?

Those who buy into the commercialized nature of Christmas will buy gifts for those they love. There’s nothing wrong with that. If you’re one of these people, however, you should set a budget and stick to it.

I work in the public sector and we don’t get Christmas bonuses. We get paid early in December and don’t get paid again until late January. So, the same amount of money must be stretched for a longer period. Imagine if I spend most of my salary on Christmas presents. What would happen in January? A clear budget is imperative so that I don’t spend more than I can actually afford. You should prepare a budget too.

What’re you doing with your holiday bonus?

You may be one of the fortunate people who is paid a holiday bonus at this time of the year. Getting a little extra money may make you feel rich for a few hours. However, you’ll be broke before you know it if you spend that money foolishly.

I saw Victoria Mutual and Jamaica Money Market Brokers advertising gift certificates in Monday’s Gleaner. That’s what you should do with the money….invest it. You don’t even need to buy a gift certificate for yourself. Just visit your local investment broker and find a way to make that money work for you.

Can you postpone that holiday trip?

Planning a holiday trip to spend time with your family is one thing. It’s completely different when you’ve planned a weekend getaway at an all-inclusive hotel for you and your spouse. Hotel rates are high at this time of the year. It may be better for you to plan expensive vacations for times of the year when rates are lower.

Can you still have fun?

Of course! But, you should think carefully before spending. You’ve worked hard all year and deserve to let loose. You’ll, however, be tearing out your hair and crying your eyes out next year when your bank account screams, “I’m empty!” after your expensive splurges. Be responsible with your funds.

It’s the most wonderful time of the year. A time of joy and gift-giving… a time when we forget how much money we really have and go wild. Ask yourself the questions outlined in this article before making any holiday purchases. Wealth creation doesn’t happen by following poor spending habits. Click here to get a financial planning worksheet that’ll help you keep on track.



5 Dating Ideas For Christmas

char-hot-date-ideas6 As the holidays roll around and we get caught up in the flurry of purchasing gifts for our friends and loved ones, it is important for us not to neglect one of the most important gifts we have been blessed with...our partners. We know that in this economy money is very tight but that is no excuse for us to neglect spending some quality time with our partners. Now is the time to get creative and I believe that these budget friendly date ideas  can help you to have a magical date this holiday season.

#1 An Open Air Picnic

Rather than going to a fancy restaurant and spending an exorbitant amount of money on food, why not grab a blanket, make some sandwiches and head to a nice botanical garden or beach. If you don't have either a beach or garden close by then why not make use of your own backyard? It can be a very romantic experience to spend some time alone together surrounded by the beauty of nature and the best thing about it is that you only have to pay for transportation and the food items you'll need to make the snacks.

#2-Games Night

This is a really interesting double date idea. Games like Twister, Taboo, Pictionary and Sherades are alot of fun and help add extra conversation pieces and interest to a date night. You would be surprised at how this experience can help you to enjoy your partner in a way you probably never have before.

#3- Movie Night

Now this in't the conventional buy a movie theater ticket type of movie night. Instead, you can begin your date night at home with a nice candle light dinner that you and you partner make together. Who knows, the heat in the kitchen could lead to some spice in the bedroom. after sharing a lovely meal together, you can  curl up in each other's arms on the sofa with a bowl of popcorn and a DVD of one of your favourite holiday movies.

#4- Road Trip

Although the car ride can be dreary, arriving at your final destination can be a thrilling experience. Plan a short road trip that will take you to some part of your country that you've never been to. If it's not too far from home it won't be a very expensive venture and it would be a great adventure that has the potential of bringing you closer together as a couple.

#5- Ice cream Outing

I love ice cream and I am quite satisfied with sitting down with an ice cream cone and enjoying good company. Ice cream may not be for everyone but the basic idea is to go out for a simple sweet treat that will allow you to spend some quality alone time with someone you love.

This holiday, make the effort to spend some quality time with your spouse. It will be worth it.