Consumers Can't Afford Another Xmas

Nov. 3, 2009 - PRLog -- New York NY -- 11/03/09 -- Regardless of its religious or secular connotation, December 25th is a reason to spend money.  In her book Dissing Xmas (splash’em LLC, ISBN 978-0-615-32892-8, $16.95), attorney Brenda L. Barnes urges consumers to handle that expenditure as a serious financial matter and not just pare down, scale back, and hope for the best.

Based on the premise that consumers who succumb to outsized mortgages, car loans, and credit card debt are not likely to have a firm grasp of their holiday spending, an “Xmas Worksheet” is provided.  It computes total expenditures right down to office gifts and greeting card postage as well as their percentage of total household income.  Consumers may unknowingly spend up to 20% of their income on a single day out of 364.   Xmas as they knew it is no longer feasible for some households.

The solution, according to Barnes, is not to find less expensive ways to maintain the status quo such as sending e-mail greetings instead of snail mail cards, but to re-examine the entire approach to the holiday and change expenditures accordingly.  For example, from the Entry entitled “Freedom:”

“Do not give presents to anyone, including children, out of a sense of obligation.  There is absolutely nothing wrong with responding to the query ‘what did you get me?’ with, as did a Southern lady with impeccable manners, ‘why, my presence, personality, wit, and good humor’”.

The role of money at Xmas is layered with emotions, traditions, and complex family circumstances.  Consumers must confront tough questions of what, why, where, and for whom money is being spent.  Celebrants need to align their ideals with their budgets.

 Formerly an international banker and investment advisor based in Manhattan, Brenda L. Barnes is a New York attorney.  

Dissing Xmas is available in book stores and on-line retailers through Ingram Book Company.  To order, contact Ingram at 615-793-5000 or orders@ingrambook.com.  For other information, contact  splash’em, LLC, New York NY at 212-629-1959 or info@splashempublishing.com.