Each Christmas there is massive pressure on families to spend big money on food, presents and drinks, and the result is that many plunge themselves into a lot of debt which ends up putting a great deal of pressure on them come January and February, and sometimes beyond. Dharmendra Rama is a financial expert who helps people with tips on how they can save money and he has been incredibly vocal of late, discussing the dangers which this kind of spending can have on families and on individuals. I was lucky enough to have a chat with Dharmendra just last week at a conference and here I was stunned to hear some of the stories which have happened to people after the holiday season. If you are tempted to spend more than you should, here is why you must focus on keeping costs down this Christmas.
It Is One Day
A greta Christmas filled with presents and tasty food is a wonderful thing to do, but only if you can afford to do it. If you cannot then you have to remember that this is just one day of the year, and that one day is just not worth putting yourself in a position which is going to negatively effect you for months to come. There are ways and means that you can still have a great Christmas without putting yourself under financial pressure.
Your Best Version
The impact which heavy debt can have on your mental wellbeing and your behavior can be very bad indeed and it can lead to high anxiety and stress. The next time that you are thinking about spending above your means to give your kids some great presents, just think of what they may prefer. Would your kids prefer to have an angry parent for months of the year who has no time or patience for them because they are living under a mountain of debt, or would they rather have a frugal Christmas, which they’ll forget quickly, and have a loving parent who is there for them and who is always smiling? If you are in any doubt, it is the latter.
It is important to remember that for retailers, Christmas is the biggest cash cow going and they will do anything that they can to make as much money from this event as they possibly can. Savings that you see are very rarely good offers and days such as Black Friday and Cyber Monday are really just ways in which the retailers can look to palm off their stock to the unsuspecting consumer. Dharmendra Rama offered me some amazing insight into what retailers do at this time of year and without going into the details of this, the fact of the matter is that there are really very few savings to enjoy at this time of year, no matter how much it may seem like it.
Spend within your means, shower Christmas with love and you will have a wonderful holiday season, and a great, debtless start to the new year.