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WRIGHT-PATTERSON AIR FORCE BASE, Ohio – With only a few more days before the holidays hit, getting those last-minute gifts for loved ones can quickly shift from the coordinated plan shoppers came up with months ago to a frenzied free-for-all.
“Many find the holidays overwhelming. They procrastinate and put off the purchase of gifts until the last minute,” said Kathy Hobbs, a personal financial counselor at Wright-Patterson Air Force Base’s Airman & Family Readiness Center. “The week before Christmas is the worst.”
And like many things people put off until the last minute, the end result can be less than ideal -- leading to not only financial but psychological distress.
“Many of the sale items are already gone or extremely picked over and feelings of panic start to set in,” Hobbs said. “‘What am I going to get ‘insert name here’? They are going to hate me forever if I don’t get them something amazing! I guess I’m going to have to splurge and try to plan better next year.’”
One problem with that idea is that modern day splurging is easier than ever with online shopping, digital payments and cash alternatives allowing gift givers to dig deeper financial holes without really realizing what’s happening, according to Shonté Gonzalez, A&FRC Community Readiness consultant and accredited financial counselor.
“We are the swipe and chip generation and it is so easy to just swipe without thinking of the end results,” Gonzalez said. “Competition and stress with friends and other family members makes us think we have to spend more this time of year and have the best gifts. Stop, think and know what is in your accounts. Pay your bills first -- house, car and credit cards -- before you go on a huge shopping spree.”
Hobbs says before shoppers start plummeting into power purchasing, it’s important to collect one’s thoughts and look at the season through objective eyes, with a focus on what the holidays are supposed to mean to begin with.
“Realize that ‘insert name here’ is not going to hate you forever regardless of the gift you give. That’s a pressure you’re putting on yourself,” Hobbs said. “Think about the individual and what they enjoy or what you enjoy doing with them. Sometimes the gift of time spent together or a service such as washing their car can be more meaningful than a thoughtless expensive gift.”
For those times when purchasing something is the best or only solution, Hobbs says to be wary of the too-good-to-be-true deals retailers offer to entice spending.
“Don’t fall prey to the discount offered at many retailers to open store credit cards to receive a discount off your purchase,” Hobbs said. “Sometimes the hard hit to your credit score for opening a new line of credit will cost you more than the 15 percent off your purchase!”
And after the wrapping paper, bows and boxes are cleared and resolutions appear -- just to once again perhaps disappear -- remember to plan how to deal with the aftermath of 2018 with an eye toward next December.
“Come to A&FRC and complete a spending plan incorporating the debt repayment. It may mean giving up or cutting back on some luxuries like buying coffee every morning or going out to lunch every day,” Hobbs said. “But it will be worth it in the end when you feel in control of your finances instead of them controlling you!”
For more information, contact WPAFB’s A&FRC at 937-257-3592 or visit the office at 2000 Allbrook Drive from 7:30 a.m. to 4:30 p.m. weekdays.
Story was originally posted to the Wright-Patterson Air Force Base website on Dec. 21, 2018 and may be found at https://www.wpafb.af.mil/News/Article-Display/Article/1719388/dont-let-last-minute-shopping-bust-your-budget/
| Date Taken: | 12.18.2018 |
| Date Posted: | 12.21.2018 14:22 |
| Story ID: | 304911 |
| Location: | WRIGHT-PATTERSON AIR FORCE BASE, OH, US |
| Web Views: | 73 |
| Downloads: | 0 |
This work, Don’t let last-minute shopping bust your budget, by John Harrington, identified by DVIDS, must comply with the restrictions shown on https://www.dvidshub.net/about/copyright.
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