Let Family Overshadow Shopping this Holiday Season
Shop till You Drop
Black Friday and Cyber Monday are major retail events that have come to symbolize the culture of excess consumption in our society. The term Black Friday was first used by Philadelphia policemen in the 1960’s to describe snarled traffic caused by shoppers on the day after Thanksgiving. Alternate stories about the origins of Black Friday began to emerge in the 1980’s as retailers didn’t like the negative connotation associated with one of their most important shopping days. Of course, we all now live with the belief that Black Friday is when retailers move out of the red (loss) and into the black (profit) due to the sales generated on this day. Cyber/Green Monday is a newer construct to denote the Monday after Thanksgiving when online retailers generate a large portion of their annual sales. As an aside, please be careful this year as it is widely anticipated that phishing attempts via email and payment card fraud will increase as scammers take advantage of people looking for online deals.
Thoughtful Spending
I have always been known as a frugal person (some would say cheap). For this I give thanks to my father who taught me the value of a dollar, and for grandparents who lived modestly. I will admit that if the world were filled with George Kites, the economy would come to a grinding halt tomorrow due to the lack of retail consumption. That being said, I still want to make the case for using caution and restraint this holiday shopping season.
That line of thought may be heresy for many retailers and government officials because the bulk of our economic growth is dependent upon personal consumption. Recently, I made a Goodwill donation run and dropped off a ton of clothing that I just didn’t wear anymore. That run brought this idea top of mind and prompted me to share the idea that we can opt out of that economic growth model. Do you really need that extra pair of shoes or that fourth television for your house? What do you have that you just don’t use anymore? Check out Clark Howard and The Minimalists for more information on living a thrifty lifestyle and tips for being a smarter consumer.
Meaningful Experiences
During this Thanksgiving weekend, I encourage you to focus on creating meaningful experiences with your family, and set aside time to reflect on what you are thankful for in 2014. Your time and shared experiences with your children and family are far more valuable than a discount price on the latest gadget. My fondest memories of the holidays are centered on traditions and funny experiences that we have shared together as a family. One tradition that we have is to go around the table and share what we are thankful for before enjoying our Thanksgiving meal together. This sacred time together becomes much more important as we age, due to siblings moving away and competing family obligations.
Thanksgiving
So what new experiences can you as a family create together during this Thanksgiving season? Pass down knowledge and share stories to promote the behaviors that you want to see in your children as they mature. Reflect on how “rich” we all are to be loved and cared for by those around us. Think about the opportunities that we have been afforded as citizens of this great country.
Here’s to starting new traditions and Happy Thanksgiving!
George Kite
Vice President & Chief Financial Officer
Thanks to Call Federal for this monthly piece to help us all learn and stay financially healthy.
This column is only for the purpose of giving general information and is not intended to offer personal financial advice. Every situation is unique. Nothing in this column shall be construed as offering or disseminating specific financial, retirement, estate, tax, or legal advice. If you require any type of specific advice, please consult an attorney, qualified tax professional or Certified Financial Planner (CFP®).
