There is no question that Christmas is a very happy season. Let’s admit it though that due to the highly commercialized nature it has evolved to, this season that is ideally a season of peace has become financially stressful for many. Sure we can blame the ads, the people around us, and everything and everyone else but ourselves but if truth be told, the final decision of whether to go for broke or not this season is in our hands.

broke on christmas

Here are some tips on how not to go broke on Christmas:

Give What You Can Afford

Christmas is the season of giving and nothing can be more satisfying than to see the recipients of our gifts truly appreciative of what they get from us. But what if the recipient’s desire is something we cannot afford? Do we borrow money or do we give the next best option? Borrowing money to buy something that is expected to provide long-term benefits especially for our loved ones is understandable, lofty even because of the sacrifice in paying for the borrowed money.

There is a need to be realistic about making this decision. If the expected benefit is commensurate to the expected sacrifice, then consider it. If there is an expected source of payment to pay off what is borrowed, go ahead. Other than that, it would be wiser to postpone giving the costly gift and settle for the next best option. People who genuinely care for us would not want us to suffer to make them happy. By giving what we can afford,we save everyone the headache and heartache that goes with bad financial decisions.

Prepare for Your Dream Christmas Celebration

We all have our own idea of a perfect Christmas celebration.  It can be going on a holiday vacation with the family, splurging on material things we would normally deny ourselves for the rest of the year, or holding the family reunion of the century. All these entail costs…considerable costs.

No matter what we choose to do, sound financial planning dictates that we prepare for it. This means saving the money required, little by little, to make our dream celebration happen long before it is actually set to take place. This eliminates the need to borrow or get funds intended for other household expenses. Through careful planning, one can get to spend without the guilt since nothing gets to be sacrificed in the name of enjoyment.

Focus on the True Meaning of Christmas

One way to make Christmas less emotionally and financially stressful is to focus on the true meaning of Christmas which is selfless giving. Selfless giving does not require us to go over our heads just to give. It encourages us to share a part of ourselves not only through material things but also our time and attention.

With this in mind, it would be a lot easier to understand that Christmas is not merely about giving and receiving gifts that come in a box with ribbons. Equating our happiness during the season with money value will bring us nowhere near the level of happiness we hope to achieve. This is simply because material happiness is flitting and insatiable.

My Say

Much as we might find it hard to believe, we can actually have a truly Merry Christmas without an abundance of money. All we need is to have enough for our needs and some surplus for occasional treats for ourselves and our loved ones. Let us all learn the value of restraint in spending so we will not find ourselves broke on Christmas.