There is life after Christmas Make the family understand budgeting

Why don't you give love on Christmas Day?

Oh the man on the street and the couple upstairs

All need to know there's someone who cares

Give love on Christmas Day

No greater gift is there than love

Give Love on Christmas Day - Michael Jackson

In little over a week, it will be Christmas Day and, as usual, the days leading up to it are filled with the craziness and excitement that are associated with what is dubbed the 'Silly Season'. Silly indeed, as many spend their hard-earned, sometimes yearlong, savings for just that day and forget about the long stretch between the Christmas holiday and the next payday - for monthly paid workers, that is.

For tips on keeping a level head during this season, Family & Religion reached out to blogger and investment enthusiast, Terri-Ann Malabre, who said that if one is not careful, all the progress made during the year - be it in managing your weight or managing your money - can be gone in a matter of days.

To 'survive' this season, Malabre suggested creating a Christmas budget as she said that good financial practices do not go out the window just because it's Christmas.

"Understandably, spending may increase during this period, but the key to avoid ad hoc spending you will regret is to set a cap. Grab your pen and paper or use your budgeting app and get to work. Before you even spend a dollar, check the cost of the items you think you'll need. Also, keep in mind that your bills do not go on holiday just to facilitate your shopping," she pointed out.

For those who are accustomed to hosting the family at Christmas dinner, Malabre said that while it can be fun dining with the family, shouldering the expenses, plus preparing all the food can be burdensome.

POTLUCK FEASTS

The alternative, advised Malabre, is to sit with family and friends and lay down some new rules.

"This year, the cost of the Christmas festivities must be shared. Decide on what the menu will be, discuss it among yourselves, and have each person bring something to the table, literally. Not only will it ease the financial burden, but it will also minimise the pressure of having just one person prepare the food," she said.

Another suggestion from Malabre is to track your spending. Having a budget is one thing, she said, but ensuring that you keep on track with that budget is quite another.

"To increase the likelihood of you remaining within the confines of your budget, keep all your Christmas-related receipts together. Do a running tally periodically to ensure you are still within budget, and make adjustments as necessary. Remember Christmas is just one day and for most of us that get paid early in December and depend on a monthly salary, be mindful that there is a long stretch before you get paid again in January," is the sober reminder from Malabre.

She recommends early shopping as she said that last-minute bargain hunting can leave you frazzled and spending on impulse.

Having a list is a good thing, she shared, stating that it prevents one from going overboard.

Budgeting should involve the entire family, suggested Malabre, and as such, she said that parents should have a 'money talk' with their children.

"Sometimes the children may make some rather exorbitant requests, and in an attempt to reward them for doing well, or to ensure their Christmas is 'merry', we may feel pressured into giving them what they asked for. It's never too early to teach children the importance of being fiscally responsible," she said.

Malabre added that ways should be found to let children know that things cost money and that money is not in endless supply.

"Introduce them to the concept of budgeting and saving, and where possible, take them shopping with you so they can see how commerce works," she said.

MAKE GIFTS

One way of cutting back on expenses during the season for Malabre is getting creative and making gifts. For her, instead of spending a lot of money on gifts that children probably won't even use for a month, the decision can be made to forgo store-bought gifts this year.

"When kids are older, it's the memories and the way persons made them feel that are most precious. So, instead of store-bought gifts, opt for DIY gifts. Get on Pinterest,

and let your creative side come out. Make it a family affair and a time of bonding with each other," Malabre suggested.

"There is absolutely no shame in being frugal. Always bear in mind that adjustments are necessary when looking to achieve your long-term goals," she said.

familyandreligion@gleanerjm.com