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| Uncommon Sense | 7 deadly holiday money sins
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Theyll torch your budget as fast as you can say 'MasterCard.' Memorize them, then put your plastic down and back away from the counter -- slowly.
By MP Dunleavey
I'm sure you were as charmed as I was to witness the birth of a whole new holiday tradition this year.
Forget holiday cards and caroling. From now on, people will celebrate the holidays by lining up at stores in the wee hours of Black Friday and beating the pulp out of their fellow shoppers.
It's sweet, really. What could be more true to the holiday spirit than elbowing someone in the face to get that discounted flat-screen TV?
You may not give much thought to the so-called seven deadly sins during the rest of the year, but recent acts of holiday violence reminded me that their evil holiday counterparts do a brisk business this time of year.
See if you can recognize which of these seven deadlies is undermining your financial sanity this holiday season. (Here are the original seven.) Then repent now -- or prepare to spend eternity in line at the mall with boxing gloves on.
Insanity
Every year the same thing happens. Stores roll out glittery new clothes and gadgets. Malls are decked in "75% off" signs. Overpriced craft fairs appear on every corner.
In the past, I've taken this as my cue to "revel" in the holidays by buying all kinds of things that:
- a) aren't on my holiday shopping list
- b) have nothing to do with the holidays
Like that $49 kit for mulling wine. What is mulling, anyway? And why do I think my holiday can't go on without it?
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Like many people, I've suffered from the misconception that "holiday madness" is only related to gift-buying. Mais non! Rather, it's the irresistible temptation to indulge in acts of commerce for no other reason than . . . it's the holidays. Luckily, this is one sin that hasn't gotten the better of me this year. Yet. Unfortunately, there are six more sins.
Procrastination
It's a well-documented trend that more and more Americans leave their shopping to the last minute. While I have described in the past how procrastination can help your budget (see "The procrastinator's guide to great gift-giving"), there is a dark side.
True, certain well-organized procrastinators can take advantage of 11th-hour price cuts and make out like a bandit. I tend to run around like a maniac, caught up in a mind-numbing panic -- about what, I'm not sure. But it leads me to:
- buy more than I need
- buy things I don't want (and am not sure anyone else wants)
- get an extra one because it's on sale (whatever "it" is)
- pay extra for shipping wherever the lines are shorter (and the prices are higher)
In short (to update an old saying): Shop in haste, repent when that mondo Visa bill arrives in January. Thank goodness I still have 13 shopping days -- or 208 waking hours -- to plan ahead for a change.
Self indulgence
I was shocked to learn that my secret practice of self-gifts has not only been exposed -- it's being tracked.
Apparently when consumers like me succumb to the sin of self-indulgence, they lavish an average of $87 on themselves, according to the National Retail Federation. (How did they know? I thought I tore up my receipts and said that Amazon package was from "a colleague.")
To overcome the temptation to indulge in senseless extravagances -- just because you can -- I've found it's vital to catch the little lies I tell myself:
- "I need a new scarf." No I don't.
- "I would have bought some CDs this month anyway." But not 22 of them.
- "I've been planning to upgrade my stereo -- and look! It's on sale!" Nice try, baby.
Now, put that plastic down on the counter and back away -- slowly.
Fantasy
"Sleigh bells ring, are you listening
In the lane, snow is glistening
A beautiful sight, we're happy tonight
Walking in a winter wonderland"
Maybe this only happens in my family, but it only takes one hit of a Bing Crosby song to send us all scrambling in search of that perfect White Christmas -- at any price.
And retailers know this. With a clever use of tinsel and plastic evergreens, they've managed to create a Pavlovian response in shoppers who secretly believe that the more they buy, the closer to that authentic "Little House on the Prairie" holiday they'll be.
This is daft. And expensive. No wonder I want to order 17 things from the L.L. Bean catalog for that cozy Vermont Christmas I'm not going to have. Just look at the cute Labrador puppies, nestled on a $55 dog bed on the catalog cover!
Now give that catalog back. I need to order a dog.
Guilt
Researchers are still carbon-dating early shopping samples to figure out how and when the link between guilt and gift-giving first dominated the lives of prehistoric hominids.
When they do, I hope they call me, because that nagging sense of obligation can take many forms -- and probably drives more unnecessary holiday spending than any other emotion. Witness the fractured logic:
- If I spend $50 on my sister and $75 on my brother, will my sister magically find out -- and hate me?
- Since Sally gave me a gift last year, should I get her a bigger one this year to make up for the fact that I forgot about her last year?
- If I get my secretary a little gift, I'd better get a little something for the guy who fills in at lunch -- and the intern who sits next to him -- and . . .
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