Hard Times Are Hitting Santa, Too

For a lot of folks, one of the hardest things about the holiday season this year will be in giving less to their children because they just don't have the money.

But you have to have the talk.

In my household, my husband and I have always held down the expense of Christmas, whatever our income, because we are conscientious objectors to the excessive consumerism of the holiday. We also have the talk with our children to manage their expectations.

So this year, like years before, I started the conversation with my 13-year-old by asking what she wanted for Christmas. Without any guilt, I struck down her two top requests -- a cellphone and laptop computer. She has a desktop computer. I didn't even entertain the idea of getting a cellphone for a child who has no job and rarely goes anywhere without supervision by an adult (with a cellphone).

My teen rolled her eyes and gave me a look that said I should think twice about going down the stairs before her.

But she doesn't scare me.

Then I told my 8-year-old that the economy is bad and that Santa has a lot less money to build and give out toys. She paused and then said: "Well, can you ask Santa to get me a remote-controlled truck?"

My daughter explained that she wanted to replace her 10-year-old brother's truck, which she had broken.

Don't you love it when your child shows you that you might be doing something right as a parent?

Her brother, after being told he wasn't getting much, asked for a few inexpensive things.

You are a fool to spend much of anything this year, even for your children, if you've lost a job or suspect a layoff is coming. You are a fool to spend on gifts if you have credit card debt that you haven't paid off.

You shouldn't be spending anything if you are struggling to make your mortgage, rent, car or student loan payment. If you don't have a cash cushion that would at the very least get you through a month of no income, and you spend for the holidays anyway, you're a fool.