I hope you’re not meeting as many people as I am who are NOT looking forward to Christmas this year.
Apart from those who always complain about how Christmas has become too commercial and so on, I’ve encountered many parents whose incomes won’t stretch far enough to buy their children the sorts of toys and clothes that they have in the past.
For them, the ‘spirit’ of Christmas past, when they had plenty of space on their credit cards to fill up trolley loads of gifts, has overtaken their sense of what Christmas ‘present’ can truly mean.
For the worst effected – those who have lost their homes to the terrible floods – there may seem to be no point to Christmas this year at all.
The worse thing these parents could do, however, is to turn to lenders of last resort – moneylenders and loan sharks – to meet what they believe are their children’s expectations.
Registered moneylenders, and there are over 40 of them, can lend short term finance, typically loans of three to six months for sums that are typically under €1,000, at interest rates as high as 188 per cent.
Someone who borrows €500 for six months can expect to repay €25 for 25 weeks at an interest cost of €125. This works out at a massive interest payment of 152 per cent.
A far better idea is to pay a visit to your credit union and borrow this sum over a full year for less than 12 per cent interest.
It may be a little late to secure a Credit Union loan for Christmas if you’re not already a member and have shown that you can save with them regularly.
If that’s the case, you should swallow your pride and perhaps pay a visit to your local St Vincent de Paul centre to see if they can give you a hand in putting some presents under the tree for your children.
There are plenty of ways to cut down the enormous cost of Christmas, and this year a way that our increasingly savvy children will appreciate far more than you think – is to make it natural, eco-friendly and recycled.
Even the Kris Kringle tradition, which is increasingly being adopted by families of all incomes, can be low-cost or no-cost.
For example, everyone can agree a DIY theme – how about a photo/video exchange?
Old photos of Granny as a young woman, or Uncle Sean as a long haired student, or Great Aunt Deirdre as a baby are enlarged and cleaned up, then framed, and beautifully wrapped.
Anyone with a decent computer (or access to one at the local library) can get the photo done very cheaply.
Many of us have old photo frames lying around and a crisp sheet of black and white newspaper with a big red or green bow and a sprig of holly makes for wonderful wrapping.
Recycling the things we already have – little stacks of books and DVDs, CDs, electronic goods, bits of family silver and china and jewellery are a far nicer idea than spending yet more money on endless bottles of perfume or soaps on a rope and socks and ties.
These sorts of gifts may not cost money, but they do require your time. You need to really think about the books that someone you know might like, or movies or music.
Home baking and home garden plants are wonderful presents – the former is what my family and friends will be getting again this year – and if I have time they’ll get home made cards too.
As for the extra cost of groceries and alcohol and entertainment, this Christmas is going to be a challenge for many. Think about buying an extra item or two every week if you can; shop around for best turkey and ham deals.
Resist buying ready prepared vegetable dishes or desserts; rediscover the joy of baking and cooking. Rope in other members of your family to each prepare a dish or two if you are gathering at one person’s home for the Christmas dinner.
Everyone should bring their own booze and soft-drinks. Don’t overdo the food – Christmas is also a time of terrible waste.
And while the big city panto or blockbuster movie might be outside this year’s budget, check out the local entertainment in your village or town.
Arrange a big hike and picnic if the weather cooperates. Visit a castle or great country house museum and grounds – often for free.
Or get together with other family members and friends and stage a ‘We’ve Got Christmas Talent’ show of your own over the holiday, using last year’s karaoke machine and discs. The kids can start practising now.
This Christmas is the second one of the Great Recession. Changing our expectations of what the holiday really means should be a way of avoiding crushing debt. And a way to really enjoy the goodwill that should be at the heart of the celebration.
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