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Health & Fitness

HOW TO CELEBRATE A MEANINGFUL HOLIDAY -- WITHOUT LOSING TRACK OF YOUR FINANCES

Worried about how to provide your family with an amazing holiday and still stay on budget? CCCS of MD & DE financial spokesperson Deanna Booker and a local client couple share some practical suggestions to help you achieve this goal.

The holiday season is upon us: Christmas ads have been running since Halloween, and more people than ever spent their Thanksgiving shopping at the mall instead of basting turkey at home.  In this frenzied, commercial setting, it’s easy to get overwhelmed and overspend. But before you do, national nonprofit Consumer Credit Counseling Service of MD & DE (CCCS) recommends you stop and think about what this season means to you. We found one family who are doing just that this year. We also asked CCCS financial expert Deanna Booker for advice on holiday finances.  Hopefully their insights will help you add significance to your festivities and start the New Year financially strong.

Mel and Theresa, who recently completed CCCS’s debt management program, have spent the past few years like many of us, struggling to make ends meet.  Along the way, they’ve worked to live within their means and gained valuable life lessons. When it comes to Christmas, they’ve never spent extravagantly on gifts.  Mel says, “Not to sound cliché, we truly believe that giving your time is a gift of love, not what’s wrapped in a box.”

Most of us agree with this philosophy, but when the holidays arrive, we still open our wallets as well as our hearts. The National Retail Federation estimates that Americans will spend approximately $602 billion on holiday costs this year, with the average shopper spending more than $536 on gifts alone. Regrettably some of us will still be paying off the credit card balance for this splurge when Christmas rolls around again next year.

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How has overspending become such a U.S. holiday tradition? CCCS Communication and Community Outreach Manager Deanna Booker believes there are many reasons:  “Some of us get caught up in the advertising hype.  We’re tempted by the bargains and sales or rationalize that ‘Christmas only comes once a year.’  We may also worry that if we don’t spend enough, those we hold dear won’t know we care -- so we buy, buy, buy, to offset our guilt.  Before we know it, we’ve gone over budget.”

Booker says it is possible to avoid falling prey to this vicious cycle.  It just takes thought and planning:  “Think about what you want this season to represent.  Then come up with strategies to help you increase the meaning of the holiday instead of just spending money.   Start by setting financial limits.  Take a look at your budget and ask yourself, ‘How much can I afford to spend?’  Once you’ve made this assessment, create a holiday budget and decide how much you can devote to items like gifts, decorations, entertainment, and travel. Then make a commitment to stick to your agenda.  Carry your holiday budget with you as moral support whenever you go shopping.” 

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Mel and Theresa agree that planning is important, and point out that “knowing what you have to spend helps to reduce the stress of gift buying.”   They’ve also found it beneficial to save ahead so they are better prepared for the extra expenses of the holidays.

Booker says communication is another key to successful holiday planning.  “Take the time to talk with your family and friends.  Explain that you want to create a more meaningful holiday and enlist their support.  Ask them, ‘What can we do differently to make this year more memorable and less commercial?’  Maybe you decide to limit the amount you spend on gifts or agree to draw names instead of giving to everyone in the family or office. When you’re only responsible for buying or making one gift instead of six, you can invest more time selecting just the right present for that special someone. Maybe you agree to forego gift giving altogether and choose to share a fun activity or potluck meal instead.”

But what if you have children living at home?  Mel and Theresa say it’s still not necessary to spend a certain amount to show your love.  “Making lasting memories for your family shows you care.  Gifts break, get lost, go out of style.  Family traditions, both old and new, never do.”

Football is a strong tradition in Mel and Theresa’s household.  “We spend quite a bit of time from September through January with family at home watching football on Sundays. We love our Ravens!”  They also take joy in celebrating the holidays with their grandchildren.  Mel says, “We will go with them and their family to cut down their Christmas tree and spend the day decorating it.  We are members of the American Legion and participate in many events there with the grandchildren, such as caroling, a giving tree, and the children’s Christmas party.”  

During the holidays, Theresa and Mel find time to give back. “We do a lot of volunteer work this time of year,” says Mel. Throughout the season they assist in monthly food giveaways at Theresa’s school and take part in an annual clothing drive as well.

Booker is convinced that families like Mel and Theresa’s get the most out of the holidays and are doubly blessed, because they enter the New Year more financially secure.  “Those who stick to their spending limits are more confident and sure of themselves when bills start to arrive.  They don’t have to worry, because they know they have enough money to cover all their expenses.”     

Booker concedes there is still hope for those of us who overspend this holiday, provided we don’t wait to take action.  She recommends, “If you find you overindulged and now owe more than you can repay, reach out and get immediate help.  Here at CCCS, we offer free, confidential financial counseling that can help you get back on track.”

CCCS of MD & DE has provided clients with reliable financial education and advice since 1966.  The agency has offices throughout the Baltimore area, on the Eastern Shore, and in Delaware.  It also offers help by phone.  All CCCS counselors are trained and certified.  To schedule an appointment, call 1-800-642-2227 or visit the CCCS website to learn more. 

Booker concludes, “What sets CCCS apart is the level of support we provide.  We don’t just spend an hour and send you off.  We take the time to listen and provide personalized solutions.  We offer ongoing encouragement and teach clients financial skills they can use for the rest of their lives. That’s a gift we give all 12 months of the year.” 

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Consumer Credit Counseling Service of MD & DE, Inc. (CCCS) is an accredited 501(c)(3) nonprofit agency that helps stabilize communities by creating hope and promoting economic self-sufficiency to individuals and families through financial education and counseling.  CCCS MD State License #14-01.

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