Sunday, 13 December 2015

Have Yourself a Financially Intelligent Christmas



At this time of year people’s attitudes start to change. They become nicer to people they have bused all year. They become more relaxed and more forgiving. They get into the Christmas spirit and become a bit more carefree. And that is where the problem lies.

Every year the news reports how many millions of dollars are going to be spent at Christmas on presents and food. Of course each year is more than last year. The issue that I have with these reports is that they give you conflicting advice. At the start they suggest that you should show restraint when spending as most of it goes onto credit and it puts people in a bad spot. Then at the end of the report they highly suggest that you should get out soon an buy what you want before the Christmas rush. 

Terry ShadwellEvery year to many people get into ridiculous amounts of debt to have a “perfect” Christmas. It is one day in the year where people forget any sense of financial intelligence. They spend without care and then find that they have to pay for it all during the next year.

This year be different. This year think about what is important. Don’t spend money just to show off to your family. Don’t put vast amount on credit just so that you can keep up with the Jones’s this Christmas.
If you are like me you already have plans for the next year. I want to continue to build my investment portfolio and set myself up for the rest of my life. I will not let one day stop me from achieving my dreams.

You long term goals need to be considered when you are out shopping. You need to show restraint. Don’t just buy it because you can. Don’t take money out of your investment accounts to pay for something that the kids won’t play with, or food that will not be eaten. 

I am not saying don’t spend money or be tight this Christmas. I am saying don’t blow the budget and waste money.

2016 could be a very bad year financially. China is still slipping and economies around the world are still struggling. Many, including me, have predicted that 2016 will bring the world’s economies crashing down and we could see a global depression far worse than any other in history. 

If that happens, you want to be in a good spot financially. You do not want to be paying off Christmas debts.
 
Many people will, of course, get themselves into debt. They will rack up the amounts on their plastic cards and try to use Christmas to show off to their families and friends. They will wake up in the New Year with a huge debt and a collapsing economy. I do not want to be in that position, and I don’t believe that you want to be their either.

So be smart this Christmas. If spending time with family is important, than do that. No one will care is there is one less bowl of nuts or wine to go around. The kids really won’t know the difference between 15 or 14 presents. Enjoy the day for whatever reason you come together. 

Spend the money if you can afford it, but be financially intelligent and don’t put any of it on credit.

Have a Merry Christmas

Terry Shadwell.

Your Life, Your Way

P.S. I do have an idea for a great present. 

Crashing through
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