Money Tips for the Holiday Season
episode
DIY Money | Personal Finance, Budgeting, Debt, Savings, Investing
15 min
3 speakers
5 chapters
transcribed 1 month ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
Hey, this is Daniel. Thanks for listening to DIY Money. If you haven't already, be sure to give us a five-star review on iTunes so your friends know that they can learn from the show. Now, enjoy the show.
Welcome back, ladies and gentlemen. You're listening to another edition of DIY Money. DIY Money. Welcome back, Logan. Thank you, sir.
How have you been?
I've been great. How have you been? Living the dream. Living the dream. Rolling into the holiday season. Keep these questions coming, though. Send them to podcast at DIYMoney.org. I think after the first of the year, we'll go back to three questions a week. And I think maybe we'll throw in some longer form content when needed. I don't know. Just whatever the spirit moves us, right?
Exactly.
All right. I want to talk about something today that I really, my heart hurts over.
Yep. Okay? We just want to take a moment to talk to you about snow blindness in cats. It's affecting more and more cats every year.
Every statistic I see, we are at all-time highs in credit card debt. I mean, greater than any, any time in history. Obviously, that's what all-time highs means. And at the same time, we're starting to see delinquencies tick up. And I know this time of year, around the holiday seasons, can be some of the most stressful times. regarding finances than ever before as far as the year is concerned. So I want to talk about a few things in general that may be able to help you through this holiday season and I think be critical maybe moving forward. And maybe this holiday season is like... duct tape, patchwork. You're like, gosh, I just got to survive. And then you prepare a little bit better for subsequent holiday seasons.
So a couple of things in no particular order. When we had kids early – well, we have kids now. But when we had young kids and inevitably you're in the holiday season where – What do you get them? You know, all sorts of crap, you know, I mean, it's just amazing to me. We live in a, and I don't want to get on some weird high horse here, but it's just weird that we get one time a year and it's like, oh, I've got to get all these people presents. Like, it's like you have to. Um, and then you have, in addition to presents for kids and family, you have the holiday parties and you have, you know, I got to run to the grocery store and buy $200 worth of extra stuff. Okay. So a couple of things that we did when we had young kids, uh, just cause we weren't going to get caught up in the hype at all.
And we'd worked so hard to get our financial house in order, uh, My wife had found this saying and subscribed to it very early. And people with young kids, I would highly recommend you subscribe to something like this. We bought our kids every year basically four gifts. Something to wear. Something to read. Something to... Oh, boy. Now I've missed it.
How are rising credit card balances and delinquencies affecting holiday stress?
Wear, read, want, and need. Thank you. Something to wear, something to read, something they want, and something they need. We basically got them four gifts. And we put a price tag collectively for each child. And... They knew they were getting four gifts under the tree. Now some tchotchkes in the stocking, a new charger, and just some other nonsense. But again, had a cap, right? Not overboard. Not like, oh, and we got them a bike. No. Well, unless that's what they needed or they wanted or et cetera. But we, again, had this cap. And very early on, we set the stage that – We are not going to succumb to this grandiose consumerism nonsense that only puts you in debt or backtracks your longer-term financial plan.
That's number one. Number two, when my wife and I didn't have kids— And you're rolling into the holidays. We got creative with our gifts for each other. And I remember the most memorable to me year was when we came up with a list of 10 items. that we would give to each other. And we were as creative as possible. Like, number one, make an ornament. So we each had to make an ornament for each other. Number two, you know, write a poem. And you had to write a poem. Anyways, it was the most memorable.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–3:10
2
How are rising credit card balances and delinquencies affecting holiday stress?
3:10–5:24
3
What mindset shifts help avoid holiday overspending and consumerism?
5:24–9:08
4
How did the hosts limit kids’ gifts with the “wear, read, want, need” rule?
9:08–13:28
5
What low-cost creative gift ideas did the hosts use before having kids?
13:28–15:08