"Paid For" Christmas

[ProfMoneyWise]

Presents under the tree that aren't paid for in full don't belong there. Don't do it, you know better and since you know better take them back to their owners.

One less debt ladened present in December means one less bill to to have to walk from the mailbox to the kitchen counter and your checkbook.

Besides, are you buying it because you want to or because you feel like you have to? Regardless, if you did not pay in full it is not yours to give. Take it back.

 

[GWguy]

Presents under the tree that aren't paid for in full don't belong there. Don't do it, you know better and since you know better take them back to their owners.

One less debt ladened present in December means one less bill to to have to walk from the mailbox to the kitchen counter and your checkbook.

Besides, are you buying it because you want to or because you feel like you have to? Regardless, if you did not pay in full it is not yours to give. Take it back.

Ok, alot of what you say is true and decent advice, but you are going WAY too far now and just being a miserly old Scrooge. Watching and minimizing your debt is good. Never ever ever ever having one debt in exchange for happiness is unjustified.

 

[ewashkow]

Ok, alot of what you say is true and decent advice, but you are going WAY too far now and just being a miserly old Scrooge. Watching and minimizing your debt is good. Never ever ever ever having one debt in exchange for happiness is unjustified.

I can't agree more. September or so of last year, hubby and I bought a big screen tv for a Christmas present to ourselves. We bought it with a new in store account which meant we got it for a bit of a discount and 0% interest for a year. When we brought it home, it wasn't paid off but when it went up on the wall after Christmas it sure was.

So according to you PMW, we shouldn't have bought the tv on credit even though it cost us LESS than if we had bought it with cash. Not very sound advice if you ask me.

 

[tiltedangel]

really it is no ones business how anyone else handles their christmas shopping. period. Everyone wants to bring happiness to their kids and families faces on christmas morning, and sometimes that means spending a little more than planned on. Not all make a lot of money to be able to go buy everything with left over cash. So you take from something else and catch up later. But i will tell you this, It does my heart good to see the happiness, even if i struggle for it later, it was worth it. Life is short. there is no guarantee for tomorrow or even an hour from now, so do what makes you happy while you are here. Forget what someone else may think.

 

[ProfMoneyWise]

I can't agree more. September or so of last year, hubby and I bought a big screen tv for a Christmas present to ourselves. We bought it with a new in store account which meant we got it for a bit of a discount and 0% interest for a year. When we brought it home, it wasn't paid off but when it went up on the wall after Christmas it sure was.

So according to you PMW, we shouldn't have bought the tv on credit even though it cost us LESS than if we had bought it with cash. Not very sound advice if you ask me.

YOu are correct in the advice I would have given. I would have still had the TV but I would have went about it as follows:

1. Walk in with cash . . . 0% interest achieved.

2. Demanded the same discount at a minimum. In fact I would have asked for an even larger discount since I was paying in full.

Paying in full at time of purchase is a powerful form of purchasing leverage. As hard as it is for us to part with our hard earned cash it is just as hard or harder for the retailer to have to part with it as well.

In short, use yesterday's money for today's purchases. Thank you for the question.

 

[GWguy]

Paying in full at time of purchase is a powerful form of purchasing leverage.

And can also be a major disadvantage if the item breaks prematurely. As noted by others here, if you pay in full you have NO leverage to getting a replacement or repair, you are totally at the mercy of the vendor. If the purchase was made on a card, you can contest the purchase thru the CC company, and use it as leverage to get the issue taken care of. This is especially true of high priced electronics.

 

[ProfMoneyWise]

And can also be a major disadvantage if the item breaks prematurely. As noted by others here, if you pay in full you have NO leverage to getting a replacement or repair, you are totally at the mercy of the vendor. If the purchase was made on a card, you can contest the purchase thru the CC company, and use it as leverage to get the issue taken care of. This is especially true of high priced electronics.

Cash and Debit Card are the same thing to me. I should have mentioned I do recommend using a debit card that has the same protections as a CC for larger big ticket items. Read your debit card agreement to ensure you have these protections.

 

[GWguy]

Cash and Debit Card are the same thing to me. I should have mentioned I do recommend using a debit card that has the same protections as a CC for larger big ticket items. Read your debit card agreement to ensure you have these protections.

That works.

 

[ProfMoneyWise]

really it is no ones business how anyone else handles their christmas shopping. period. Everyone wants to bring happiness to their kids and families faces on christmas morning, and sometimes that means spending a little more than planned on. Not all make a lot of money to be able to go buy everything with left over cash. So you take from something else and catch up later. But i will tell you this, It does my heart good to see the happiness, even if i struggle for it later, it was worth it. Life is short. there is no guarantee for tomorrow or even an hour from now, so do what makes you happy while you are here. Forget what someone else may think.

Not saying to deny happiness. If it is accepted to spend more than planned today and pay with money to be found elsewhere tomorrow I propose finding the money elswhere prior. Use yesterday's money for today's purchases and expenses.

I agree not all make a lot of money but that does not give permission to spend money that one does not have.

Part of the struggle later comes from having to pay a premium (i.e. interest) to use other people's money in advance of having our own.

This thread's intentions were stated up front. If the thread's intention does not meet with your personal finance belief and/or you are not of a mind to consider a debt-free alternative you probably want to ignore it entirely.

I do appreciate the lively debate however. Thank you.

 

[ProfMoneyWise]

SNL Skit: Don't Buy Stuff You Can't Afford - The Consumerist

A little lighter look at using yesterday's money.

 

[Chasey_Lane]

You can't take your money with you, so spend it while ya got it!

 

[SoccerMom2]

Kids get $200 a piece for presents. I only have 2 so im lucky. Half the time i don't even reach the $200 mark. My family on my Hubby's side we draw names. So each person only has to get 1 person something. $100 limit. I think it should be lower then that but thats what everyone agreed. It takes the hassle out of buying everyone something. On my side of the family i spend $100 on my Dad and everyone else gets a card. Hubby and I wait till after Christmas to get each other anything. It's cheaper...lol! So a grand total of $700 is spent on Christmas. Nothing is charged on a credit card. Paid with cash.

 

[ProfMoneyWise]

If you're part of a couple, no presents at all for each other until you're out of debt. That's just the way it has to be.

To do otherwise is to give each other more debt. If she buys for him on credit and he buys for her on credit they give each other debt. Adding debt to the family budget is long lasting . . . but it is not to be characterized as a gift.

Christmas this year is a heart-to-heart talk with each other and the person in the mirror now about making a change in the household finances. Try it, the lines are shorter to buy this kind of gift.

 

[Chasey_Lane]

Spend, spend, SPEND!!! Buy what you want people! You work hard for your money, why not enjoy it?

 

[GWguy]

If you're part of a couple, no presents at all for each other until you're out of debt. That's just the way it has to be.

To do otherwise is to give each other more debt. If she buys for him on credit and he buys for her on credit they give each other debt. Adding debt to the family budget is long lasting . . . but it is not to be characterized as a gift.

Christmas this year is a heart-to-heart talk with each other and the person in the mirror now about making a change in the household finances. Try it, the lines are shorter to buy this kind of gift.

You never got what you wanted for Christmas, did you?

 

[lilblondeone19]

People who can't pay off their credit card bills at the end of each month shouldn't have them.

 

[aps45819]

People who can't pay off their credit card bills at the end of each month shouldn't have them.

While I do pay the bill every month, I haven't paid it all off since I used it to buy a car

 

[SA475]

Count me in...

 

[ProfMoneyWise]

Becoming debt-free is a great gift to your family. Write a letter to them, sign it, and put it under the tree to be opened and read on Christmas morning.

I am a big believer if you write it down you own it.

I am approached by many curiosity seekers about what I preach. To determine if those who inquire are really serious I ask that they perform two tasks to weed out of those looking for the quick fix and/or scheme to rid themselves of their debt. The first task is to "write it down." Write down everything that is spent for 30 days. I prefer pencil to paper because I have found this personalizes the list and the person "own's it."

Same philosophy here. Write down you have had enough of the madness. Enough of getting up each morning and driving to a job you "have to have" in a "car you do not own" to perform tasks you may not like to make money to give away for things you have already done and/or consumed. Worse yet, you have to add money on top of the money you already spent (interest) because you spent money you did not have.

Make the commitment this Christmas to give a wonderful gift. A gift of becoming debt-free, a gift of controlling your money instead of letting it control you.

I would say a reading of this letter on Christmas morning will show them, and you, you are serious.

 

[ProfMoneyWise]

Money, in-laws, religion and kids.

Money is the number one cause of relationship problems. The others fall in line after. Christmas involves all of these. Make sure you number one is under your control?

Don't spend what you do not have.