Keeping Away With Spending Spree Every Christmas Season

By:  Gilbert M. Forbes
Financial Wellness, Stewardship and Financial Literacy Advocate
DepEd CALABARZON

Keeping away with spending spree every Christmas season is challenging budget and financial wise individuals once more.  Stores are really keeping up with the time when bonuses are released to all salaried workers and employees both government and private- making their displays more mouth watering and extremely tempting than ever.

PHOTO courtesy of http: ant.sillydog.org

Shelves are updated with new and trendy items particularly tech and gizmo stores. These stores have even partnered with credit card companies to allure customers of buying their new models of cell phones, computers, high resolution and dynamic LCD television sets, etc.  One wouldn't be exempted of thinking of buying one of these to replace their ancient gadgetries for those who have long settled to surplus items like me.

To others who are riding with the craze of always embracing whatever is new on a yearly basis will certainly not be left behind starting from their trendy already cell-phones.  But to those who are already awaken and have already decided to prepare for a financially independent life, how could they escape the temptations?  Here are the tips.

1. If you have a debt, think of paying it first.  If you can pay it in full, better.  It will free you from a lot worries and stress in the future.
2. If you have no debt, save and start increasing your passive income as fast as you can.  Or start a small business.  One can start a business even from a Php500 capital. What more Php5 000 to 10 000.  Financial experts are saying that bonuses and other financial rewards salaried workers receive every Christmas season are not categorized as active income as such, they are suggesting that it should not be spent and should go directly as savings.  But since we just learned it, we could settle saving at least 20- 50% of it.
3.  Budget and stick to it.  Budget is the  lists of things to buy for a given time or season like Christmas..  List down only things that are really needed.  Review the budget two to three times for the last minute changes.  There is no more rewarding for any individual if he/she is always successful in sticking with her monthly budget. It is a part of self-restrained and discipline.
4. Always think of the end in mind as the best selling author of 7 Habits of Highly Effective people, Stephen Covey says.  When you think of the end in mind, you are thinking of the future that you want for your self and your family.
5. When temptation to buy and to be in, tickles or tempting your mind, ask only this question, Do I or we really need it? If we need it, can we still post phone having it?  If not, in what degree will it benefit us the most considering our financial standing?

At present, many just ride on the craze.  I just can't imagine that many will stumble on buying a laptop, a netbook or a wi fi ready cellphones when all they know is texting.  Or they are not engage into any industry except on-line gossiping, chit chat or tit for a tat.  It is just disgusting at times to meet and know people owning expensive cellphones but most of the time have no loads and are asking for pasa load.

I also know a lot of high-end cell phone owners who don't use their cell phones to the max because they are simply ignorant of its features.  That it could be used to store and play music and video as an mp3 or ipod can do.  That it can be used as a walk man or radio tuners.  That it could be connected to their stereos for more easy listening pleasure.  That it can record and take videos and more!  That they no longer need to buy doodles or USB sticks to connect to the broadband internet because 3g cell phones could be used as modems.

We'll one individual I know just bought a new MP4 player, an amplified speaker and a radio tuner!  He later bought a broad band USB stick or doodle and is planning to apply for a wifi connection in their area where even 3G signal is non existent.  The said individual has no life insurance,and a bank savings account that earn interest.  No other assets as well except for his gizmos and gadgetry, some jewelries and elegant fashion clothes.  We'll he drives a brand new company car and resides (as a care-taker) in a condo unit of a relative working over seas.

Though occasionally returning from his home province, in a tiny coconut and rice planting villages, he just developed an inner dislike to mud and dirt.  The way he speaks suddenly changed too with the full accent of a traditional manileño.  May be as an influence of dwelling in a city, it could be that his mind was infected by its pollution.