"Paid For" Christmas

[ProfMoneyWise]

"Paid-For Christmas"

Don't put one present under that tree that you haven't paid for in full. This is your life, take control.

This will be a continuing thread this months as the giving and receiving of debt for Christmas (i.e. buying gifts on credit, receiving gifts bought on credit) is not conducive to good personal finance.

Join the "Paid For" Christmas Movement. There are not many of us, we have room for more.

 

[ProfMoneyWise]

"Paid-For Christmas"

Don't put one present under that tree that you haven't paid for in full. This is your life, take control.

This will be a continuing thread this months as the giving and receiving of debt for Christmas (i.e. buying gifts on credit, receiving gifts bought on credit) is not conducive to good personal finance.

Join the "Paid For" Christmas Movement. There are not many of us, we have room for more.

The fact Christmas is approaching is no reason to spend money that isn't yours. Don't spend what you don't have. It's really that simple.

Don't use a holiday that happens the same time every year as an excuse to throw away the common sense you have used all year long by doing a budget, living on a plan, and not spending more than you have.

 

[struggler44]

The fact Christmas is approaching is no reason to spend money that isn't yours. Don't spend what you don't have. It's really that simple.

Don't use a holiday that happens the same time every year as an excuse to throw away the common sense you have used all year long by doing a budget, living on a plan, and not spending more than you have.

I already did and will probably be considered an idiot for it. I used my Visa card and put 983 on it for a "big buy" as I didn't want to take anything savings because it's so hard to put back in. I tried to justify it by budgeting to have it payed off in 3 months but I will still have to pay interest for that time period. A compulsive buy. shrug:

 

[aps45819]

I already did and will probably be considered an idiot for it. I used my Visa card and put 983 on it for a "big buy" as I didn't want to take anything savings because it's so hard to put back in.

It makes a lot of sense to pay Visa 18% so you can get 2% on the money in your savings account

 

[struggler44]

It makes a lot of sense to pay Visa 18% so you can get 2% on the money in your savings account

Maybe if you payed your bills your rate wouldn't be 18%

 

[aps45819]

Maybe if you payed your bills your rate wouldn't be 18%

While I don't know the rates you're paying, I used those rates as an example to demonstrate the stupidity of paying Visa more interest than you're earning on your savings.


i.e. YOUR stupidity

Having to explain this to you is a further example of your stupidity
Thinking you were clever at pointing out your Visa is less than 18% is just one more way your post was an
EPIC FAIL

 

[struggler44]

While I don't know the rates you're paying, I used those rates as an example to demonstrate the stupidity of paying Visa more interest than you're earning on your savings.


i.e. YOUR stupidity

Having to explain this to you is a further example of your stupidity
Thinking you were clever at pointing out your Visa is less than 18% is just one more way your post was an
EPIC FAIL

Go F yourself, J.O.....

 

[aps45819]

Go F yourself, J.O.....

I was so impressed you pay your bills

 

[struggler44]

I was so impressed you pay your bills

The point I was making was I used my card instead of taking money from savings for this buy because I have a hard time putting it back in, didn't have anything to do with comparing interest received from savings or being charged to my card. I would rather pay interest for 3 months, which equals out to about $6, than try to put money back in the bank. Shouldn't have called you a J.O. but the stupid comment pissed me off. Please forgive me Princess.

 

[aps45819]

Please forgive the Princess.

you're not my princess

 

[struggler44]

you're not my princess

Anything for you. Just don't tell anyone.

 

[ProfMoneyWise]

Think back. Do you really remember every gift you ever received?

In other words, piling presents on the kids is going to be lost on them in the long run. While the memories of the gifts will fade, the damage to your personal finance can last forever.

 

[Cowgirl]

The point I was making was I used my card instead of taking money from savings for this buy because I have a hard time putting it back in, didn't have anything to do with comparing interest received from savings or being charged to my card. I would rather pay interest for 3 months, which equals out to about $6, than try to put money back in the bank. Shouldn't have called you a J.O. but the stupid comment pissed me off. Please forgive me Princess.

Just for the sake of arguing, couldn't you put the payments in your savings instead of to the credit card? I mean, if you were going to pay a third of that money to the credit card company every month, why not just put it in your savings?

 

[terbear1225]

PMW,

I agree that a cash only christmas is a good idea. What I'm not sure about is how to save the money throughout the year and how much to save. I think I can ask my emplyoer to take a certain percent of my pay and direct deposit it to a seperate account, right? but how much do I have them take out? how does one guess in January thta they will want to spend in December?

 

[Bann]

"Paid-For Christmas"

Don't put one present under that tree that you haven't paid for in full. This is your life, take control.

This will be a continuing thread this months as the giving and receiving of debt for Christmas (i.e. buying gifts on credit, receiving gifts bought on credit) is not conducive to good personal finance.

Join the "Paid For" Christmas Movement. There are not many of us, we have room for more.

I've been doing this for years. I do not go into hock for Christmas.

 

[ProfMoneyWise]

PMW,

I agree that a cash only christmas is a good idea. What I'm not sure about is how to save the money throughout the year and how much to save. I think I can ask my emplyoer to take a certain percent of my pay and direct deposit it to a seperate account, right? but how much do I have them take out? how does one guess in January thta they will want to spend in December?

It is not a guess. You make your list and assign an amount you are willing/able to spend on each person on your list. You then save that amount on a monthly basis and put it away. When the time to shop rolls around you witthdraw the funds and off you go and you stick to you plan (Christmas Budget).

There are some employers who put money away for folks as you described. Or you just do it yourself and don't touch the money.

I do not recommend going in to the stores without a plan/budget. Getting into this mindset you will find will aid you in determining in January how much you are going to need the next December. Much like your monthly budget, there really should be no real mystery about how much you need, what your expenses will be, and how you are going to pay them.

Good question, thanks for asking.

 

[struggler44]

Just for the sake of arguing, couldn't you put the payments in your savings instead of to the credit card? I mean, if you were going to pay a third of that money to the credit card company every month, why not just put it in your savings?

Ideally yes but I hate taking money from savings once I put it in there. I firured it will cost me $6 a month and I was willing to pay that amount instead of making a transfer. I know you should not charge if you don't have to but I know myself well enough that it would probably take me a year to put that extra money back in savings. I am weak. LOL

 

[ProfMoneyWise]

Think back. Do you really remember every gift you ever received?

In other words, piling presents on the kids is going to be lost on them in the long run. While the memories of the gifts will fade, the damage to your personal finance can last forever.

If in debt, tell friends and family you're opting out of the gift exchange this year because you're addressing your debt.

If you're embarrassed it should be about being in debt, not about opting out of gift giving.

Opting out is a must.

 

[vraiblonde]

If in debt, tell friends and family you're opting out of the gift exchange this year because you're addressing your debt.

If you're embarrassed it should be about being in debt, not about opting out of gift giving.

Opting out is a must.

I'm opting out this year, but not because of debt - because nobody needs anything and I want to put that money toward my cruise. I'll buy for the kids or give them a check, but that's it.

 

[GWguy]

When I was growing up, I used to have a 'Christmas Club' account with the bank. You deposit a minimal amount each week/month which adds up over the months.

Not sure banks offer those anymore, or that I'd ever use one again, but you can create the same concept yourself. Find a good place to stash funds and be diligent about contributing to it. Any money leftover after the holidays can either go into next year's account, or be used to treat yourself.