Exactly two weeks ago, I heard a Koha on the tamarind tree outside my window, going "cooey, cooey, cooey". I smiled and told him, "Thank you Mr. Koha for reminding me the New Year is round the corner." As if all my friends on social media had heard him too, that very day I read several posts on Facebook referring to the Sinhala-Tamil New Year.
Sadly almost everyone made negative comments. Almost everyone lamented the New Year equals empty wallets. One friend wrote, "In comes the New Year. Out goes all my money." But, why should this be so? Why not begin anew this year and change the tradition of spending too much on gifts and food this April season? Why not switch to conspicuous consumption this New Year? After all, a new year means new beginnings.
This could mean changing our spending habits, drastically.
This could also mean preventing ourselves from getting into debt over the festivities ahead and adding extra stress to our lives, by choosing to act responsibly with our finances. And, believe me, it's not as hard as we think it is to intentionally stand up against the cultural pressure to spend money and instead, act mindfully with it.
Listening ears
When you think about it, does it not seem as though New Year gift-giving is an interesting and rather strange arrangement? We sacrifice our time and money in an effort to buy something manufactured in some far- away place or country, for the purpose of showing love or respect to someone else. I am sure if we calculate it, we will find that we will be spending about 15 hours in the next two weeks shopping for clothes or household items to be given away as New Year gifts.
What if we decided to spend that time with our loved ones rather than at a store shopping for them? Consider how sweet our New Year could become if we chose to invest those 15 hours in real relationships with one another.
I know you will agree that in today's world, 60 minutes of fully-devoted listening ears is definitely priceless and far more valuable than anything we can buy and pack into a bag and handover to our grandparents or elderly aunts and uncles on a short visit to see them this New Year.
Charity
In the days ahead we could also remind ourselves that while we go through all the shops in the town trying to find the perfect gift for "someone who has everything," 768 million people all over the world are in need of clean drinking water, and 2.5 billion people live without proper sanitation. Rather than buying another new sari for the aunt who is retired and hardly ever goes out now, our money could be used to make this world better and life more tolerable for countless others. Especially when we know we will gain something invaluable in return. Research suggests that happier people give more to charity and that giving more makes people happier. In this light, wouldn't it be wise for us to start recognizing this opportunity in front of us, to help those in need, as we plan for the happy days ahead?
Wouldn't it also be wiser to remind ourselves of Moses Henry Cass's words, "We do not inherit the earth from our ancestors; we borrow it from our children." This New Year, we ought to keep in mind these words of rather frightening wisdom and remember our world's resources are indeed limited. And choose to shop (or not shop) responsibly.
Having said so, I admit that shopping for gifts is inevitable sometimes. Perhaps, removing ourselves from the holiday shopping frenzy need not mean we should break age-old traditions and give up all opportunities to express love through gifts, provided our gifts are meaningful and reflect our affections and gratitude. The easiest way out would be to think of the advice given by Ryan Howell, a psychologist at San Francisco State University when we choose our new year gifts. "The most important thing in the exchanging of gifts is it shows that you really know the person well, and you really care about them," says Howell. This generally means 'tailoring the gift to the recipient' so that the gift you give is an expression of knowing what the other person really wants. It will also be an expression of love as it would mean you took the time to think about him or her instead of buying the first thing you saw in the shop. One thing that all the experts see as the golden rule of gifts, which we hardly ever follow during the New Year, is that it is better to give experiences rather than items. People who receive experiential gifts, such as theatre tickets or a library membership, feel more connected to the gift giver than people who received a new shirt or dress. This simple and sweet idea to gift experiences rather than products this festive season will leave you and the receiver pleasantly surprised at its value in a world where mass consumption is commonplace.
Experiential gifts
Experts have observed experiential gifts are particularly meaningful for kids. Doing something with a child builds memories that last longer than mere stuff. "If gifts are about expressing and forging love, one of the best ways to do that is with your own time. That will always be a really powerful gift." So, as you sit down to plan everything for this month's festivities, from the sweetmeats you are planning to make, to gifts and visits, consider getting seriously honest about what will not bring you or anyone else much joy or value so that you can scratch it off your to-do-list. Maybe skip the extra kilo of cake this year, or kindly refuse to attend that friend of a friend's new year party. A minimalistic spending style need not mean spending as little as possible - it should mean planning to do only what is important.
Practice frugal spending this New Year and you too will be singing with Dolly Parton,
"Although we had no money
I was rich as I could be
In my coat of many colours
My momma made for me"
Avoid overspending this April
1. Set a Budget.
Before you begin your New Year shopping, decide how much money you want to spend. Think through all the different aspects of new year shopping: clothes, household products, food. Divide your budget into the different categories: how much do you desire to spend on clothes? how much will visiting friends and relatives cost? how many special events are on your calendar and how much will they cost? If the numbers aren't lining up, what changes and/or sacrifices do you need to make?
2. Be Aware of Retail Tricks.
If merely creating a budget was the only thing needed to keep us within our spending limits, we'd be all set-not just for the holidays, but for life. Unfortunately, this is rarely the case. Even with budgets firmly established, many of us overspend. One reason this happens is because retail stores are shockingly good at getting us to part with our money.
Loyalty cards, discounts, bargain sales-all of these represent tricks that retail outlets employ to get us to part with our money. Be on the look-out for them-especially during the holiday season.
3. Limit self-gifting.
One of the most significant festivity trends over recent years is the increase in "self-gifting"-people treating themselves to presents when they are out shopping for others. Nearly 60% of people are now self-gifting according to research. So to avoid overspending this holiday season, limit yourself in this regard.
4. Establish expectations early.
If you decide to cut down on the number of New Year gifts you will be giving this holiday season, it is important to establish those expectations early. For example, you could give three gifts to your children: one thing they want, one thing they need, and one experience to share with the family. Similarly, if you intend to take a new gift-giving approach to your extended family, it is helpful to inform them early about your decision and why you decided to make it.
5. Track spending.
One key component to wise financial stewardship is to track your spending on a daily basis. This is true for life, but it is essential to avoid overspending during the April season. If you have set your budget thoughtfully, it is important to pursue due diligence in staying inside it.
Because of the extra shopping during the season, the importance of tracking your spending during the month of April cannot be overstated. And you do not need fancy software or materials to accomplish this step. It can be completed with a simple piece of paper and pen-at the end of each day, just record the items you spent money on that day. And compare it regularly with the budget you created.
Avoiding overspending during the holiday season may not be easy. It certainly requires extra time and effort. But trust me, it will be worth the effort.
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