Michelle Singletary
Michelle Singletary
Columnist

When you get the urge to splurge, just stop, drop and roll

Stephen Chernin/Getty Images - Last minute shoppers peruse merchandise at Macy's December 24, 2006 in New York City.

It’s here — the time of year we say it’s not about the presents, and yet we spend like it is.

The question is: Do you have a method to resist the annual spending spree if your money is tight?

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The holiday shopping event known as Black Friday is almost upon us. Personal finance expert Farnoosh Torabi offers consumers tips to having a successful shopping experience.

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More than 147 million people plan to shop Black Friday weekend this year, according to the National Retail Federation, which also is forecasting that holiday sales in November and December will increase 4.1 percent over last year, to $586.1 billion.

As my holiday tradition every year, I try to find some way to keep the spendthrifts and heavily indebted from caving in to the pressure to buy when they don’t have the cash.

I recently sat down with a mother of two young boys who wanted me to look at her spending and help her figure out why she couldn’t make ends meet. She thought she was spending too much on housing.

It wasn’t the mortgage payments that were breaking her budget. It was the debt she had amassed trying to live above her means. Personal loans and credit card debt took far too much of her monthly paycheck.

So we worked out a budget, which didn’t leave much to spend on things other than covering her basic necessities and paying down her debt. She then asked me a question that made me feel sad for her.

“What about Christmas?” she asked.

“What about it?” I said.

“I have to give my boys something,” she pleaded. “They will be so hurt if I don’t put a lot of stuff under the tree. I have to buy something for them. I have to.”

I took out a piece of paper and wrote down four words: “I don’t have it.”

I handed the note to the mother.

“This is your situation,” I said.

She took the paper and looked at it in silence. She fought back tears and agreed that this Christmas, she would have to curtail her spending. She would have to show her love by her presence, not the presents she couldn’t afford.

But as the mother left, I wondered if she could pull it off. Realistically, how can she and you — if you’re in a similar position — not spend on the kids, your husband, wife, mother, father, in-laws or friends? They have expectations you want to fulfill.

So I have an idea to help you this year. Think of the fire-safety training you might have gone through in school. What do the experts tell you to do if your clothes catch on fire?

Stop, drop and roll.

If you’re on fire, stop moving — because running feeds the flames. Drop to the floor and cover your face. And then roll around to help put out the fire by depriving it of oxygen.

Now let’s apply this advice to your holiday spending:

Stop. Don’t even think about putting any purchases on credit. Nearly three in 10 consumers plan on charging their gifts this year, according to the federation’s survey. Just like running while on fire, continuing to use credit will make things worse. You fan the flames. To help drive home this point, do what I did for the mother. I had her list all her debts. It was only then that she realized how bad things were.

Drop. It’s important that you drop the attitude that your children or others will be deprived if you don’t splurge for Christmas. What is it that they really need? Okay, since I know you’ll feel guilty or miserly if you don’t buy them something, just keep the amount that you spend low. Drop big-ticket items from the list.

Roll. Roll right past the malls, except perhaps the one trip you make to buy the few gifts you think you have to buy. Don’t use the malls as part of your holiday entertainment. Don’t go to check out the beautiful decorations. It’s too tempting. Don’t open the e-mails about the enticing online deals. The point is to cover your face so that you don’t see what you think are bargains. You may be drawn to the holiday sales by rationalizing that at least you’re saving money. But you never save when you spend. You might be spending less, but you are not saving. And you’re spending money you need to apply to getting out of debt.

If you’re trying to cut your holiday spending, use the stop, drop and roll drill as a reminder that this time of year is truly not about the presents.

Readers can write to Michelle Singletary at The Washington Post, 1150 15th St. NW, Washington, D.C. 20071, or singletarym@washpost.com. Personal responses may not be possible, and comments or questions may be used in a future column, with the writer’s name, unless otherwise requested. To read previous Color of Money columns, go to postbusiness.com.

147million

people plan to shop during

Black Friday weekend this year

$586.1billion

estimated holiday sales

in November and December

National Retail Federation

 
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