New Year’s resolve to save bank balance

I LOVE giving. I love the look on my daughter’s face when she opens the box containing a scarf I made for her myself. I love how excited my husband is to find an unexpected gift under the Christmas tree.

I love knowing that I have given a gift that is meaningful and well suited to the person receiving it.

What I do not love is the fact that I procrastinate about Christmas gift giving and often end up spending far more than I needed to. Oh, I can use the usual excuses of being too busy with work to go spend the day visiting different stores to find the best bargain, or that prices for the much-desired electronics are much higher in the Arab world, but the bottom line is if I were better prepared, it would be a much happier New Year for my bank balance.

So for this year's resolution, I have foregone the usual ‘lose 10 pounds’ or ‘make a better effort to keep my wardrobe organised’, and have moved into 2011 with a vow to be more proactive when it comes to my holiday spending.

Our family has largely moved away from purchasing gifts, and instead has started giving each other something handmade. The main reason for this is to emphasize the true meaning of the season, and that giving of your time and talent is often much more meaningful than a pair of earrings purchased on Christmas Eve.

The indirect benefit of this practice is that often the cost to make something yourself is much lower than if you’d bought it.

Even my husband took part in this new tradition this year and while he can't knit a scarf or bake Christmas cookies, the simple handmade card and note inside meant more to me than any perfume or chocolates. But let’s face it: there are still gifts to buy, and I need to have a plan.

Plan of action

One of the main ways I can save is by shopping online. This is a great way to comparison shop quickly, and availability is often better that what you would find in the local shops. For expats, this is a great way to save on shipping as well, as many online retailers offer gift wrapping and shipping directly to the recipient.

I am also going to be better at shopping in advance. If I start shopping in the summer months, this will not only lower my anxiety level, but it will spread out the cost of the holidays so that I don’t have to face the big bills all in December.

I can also stock up on cards and wrap while in Canada, instead of paying the higher prices for such items in the Gulf countries.

My last strategy will be to stop stressing about giving gifts. By stepping back from the commercial hype and material expectations, I find I am able to truly enjoy what is most important about Christmas: family, friends, and being thankful for our time together.

Often the best gift I can give is to share our home and hospitality with others. An expat friend far from their family on 25 December would likely appreciate an invitation to the turkey dinner far more than an iTunes gift card.

So, I am greeting 2011 with a new resolve for planning and a clear plan for my spending. I am happy to procrastinate about my closet organising for another year.

Pic credit: Ambro/ FreeDigitalPhotos.net

What are your New Year's resolutions? Have you resolved to get your finances into shape in 2011? Tell cashy by commenting below...