During the holidays temptation to spend is everywhere! Every where you turn some retailer or brand is bombarding you with messages, commercials, and images trying to get you to part ways with your hard earned dollars. The average US consumer is planning to spend $794 this holiday season. Deloitte is forecasting that holiday sales are expected to increase over 5% compared to last year. That equates to over $1.1 trillion being spent between November and January.
Don’t be a statistic! But trust me I know it’s easy to fall into this trap. Recently I purchased an OLED TV that I don’t need on Amazon. Luckily I quickly came to my senses and cancelled it. It was over $2,000 dollars and I have a perfectly fine TV right now. It may not be as good as the OLED but it gets the job done.
So this holiday season make a budget and stick to it. You don’t need to be Ebeneezer Scrooge but try to keep things in perspective. The holidays can be stressful and you should treat yourself if you can but try not to go overboard with lots of impulse purchases.
Also focus on the amount of money that you are spending not the discount. When I purchased the TV I was super excited because it was a deep discount. The problem was that it was still 2 grand. TV cancelled!
If you are really struggling with a purchase delay the decision and walk away. Think about it for a while and make a rational decision.
You can’t buy happiness and some of my best Christmas memories don’t involve gifts at all. It’s the time and memories that we create with friends and family that’s important. Happy Holidays!
Remember – you can’t spend your way to financial freedom!
