Just say no to Christmas gifts
Posted
Nov 24 2008, 02:20 PM
by
Karen Datko
Rating:
As part of his popular Save $1,000 in 30 Days Challenge, blogger Ramit Sethi is on to what might be his biggest and best money-saving idea. Tip No. 18 of the challenge is "No Christmas gifts this year."
"This year, Americans are planning to spend over $400 on Christmas gifts," he writes. "Instead of buying things we can't afford, here's a way to do something more meaningful."
For a lot of people who haven't taken steps to brace themselves for the coming economic reality, the first question should be: "Where can I sign up?"
According to an American Research Group survey cited by Ramit, Americans plan to spend an average of $431 on holiday gifts this year, about half of last year's average. But many people shouldn't be doing even that.
(Ramit quotes New York Times columnist Thomas Friedman, who wrote that he gets the urge to tell young diners at restaurants, "You should be saving your money. You should be home eating tuna fish. This financial crisis is so far from over. We are just at the end of the beginning.")
But how can you explain your new no-gifts status to friends and loved ones? Ramit is well aware of how touchy this can be. "Can you even imagine calling your parents, or your girlfriend, or talking to your son about how you can't afford to buy something this year?" he writes. "Of course not."
Ramit, who blogs at I Will Teach You To Be Rich, makes it easier. You can send e-cards via his new Web site to people on your list that suggest alternatives to buying gifts -- fun or worthwhile activities you can do together, like cooking a meal, learning a new skill or volunteering for a charity. You can fill in your own suggestion and select the appearance of your card.
Some of his readers were enthusiastic. Others balked, but agreed to be more mindful of spending. "There is no way I am going to not give gifts to my children," reader Cymbidium said.
