Let the Holiday Spending Season Begin!

First comes Black Friday.  Then there’s Small Business Saturday, followed by Cyber Monday and Give Back Tuesday. As thrilled as I am that the economy seems to be churning along — and that non-profits may benefit this year along with Wall Street, I have decided that another day of the week needs to be commemorated:

Where did all my money go Wednesday? 

I love a bargain as much as the next person and there are certainly great deals to be had.  Although I myself did not participate in the 5 am lines at the mall after Thanksgiving, my niece did and happily modeled for me the 2-for-1 scarves and sweaters she nabbed at Macy’s. And I will probably go onto Nike.com soon after writing this to save $8.00 on shipping to purchase the shoes that my middle-school son desperately wants.

Yet, the mantra of mindfulness is critical here. With so many sales and deals going on, it’s important to take a minute to pause before handing over your credit card.

Remember a bargain is only a bargain if it’s worth more than you paid for it.  It’s a value judgment.  A $40 pair of boots that you purchase on sale for your daughter may be worth it if you think she will genuinely like and wear them.  On the other hand, if she is dying to have a pair of Uggs and rarely uses the ones you bought her, where’s the value in that?  A better choice may be to purchase an item you know that someone will truly adore with every fiber of their being– even if that means that you sometimes pay full price or have to wait until after Black Friday, Cyber Monday, etc. when you’ve saved enough.

Next year, I propose we move “Where did all my money go Wednesday?” to the Wednesday before Black Friday and re-title it “Where will all my money go Wednesday?”  Take 30 minutes while the turkey is defrosting to quickly scan your budget and allocate a dollar amount for each person or item on your list. If your budget allows, set aside a specific percentage for “spontaneous splurges” for anything you see on sale that wasn’t in the plan but is just too good to pass up.

Above all, rise above the noise of “50% off!” and “free shipping!” and make sure any spending you do this season is done mindfully and thoughtfully.