We were able to make adjustments to allow us to have $50 a month go towards gifts, but should we be buying gifts of any sorts when we are in debt? We have paid back thousands towards our debt and have even completed our first baby step of establishing a $1,000 emergency fund this year. We can also afford to pay cash for the gifts we buy.
The saying goes, it is better to give then to receive, but as great as it is to buy gifts for your loved ones, it's not the gifts that make them love you. If you don't have an emergency fund, have to put gifts on credit cards, or don't contribute to a retirement fund, then gift giving might be a problem.
If you can't work gift giving into your into your budget you should never, ever put it on your credit card. This means you can't afford to buy presents. Buying expensive gifts for yourself and others is how many people begin the never ending circle of debt.
You may ask yourself, what will my family and friends think if I don't buy them an expensive gift? Do you really think your family and friends are going to think down on you for not buying them an expensive gift? If they do, then maybe the aren't really family and friends. Or maybe they don't know your financial situation. Do you think they are going to want you to spend lots of money on them if you can't make your credit card payments? I guarantee they won't because the best gift of all that you can them is financial security.
[This post is written and copyrighted by Financial Elite (http://financialelite.blogspot.com/ ).]
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