Written by our friend, Kim Demarest, Financial Coach and Founder of Be Knot Afraid
Santa was very scary for me when I was unemployed during the Great Recession. Every jolly figure was turned in my mind’s eye to the grim reaper. I had several years of January hangovers where I would vow to start saving in January for the following December. But that year it was even worse. How was I supposed to come up with presents for all of those whom I loved in my life? It was especially difficult as my “love language” is definitely gift giving and, more importantly, receiving!
Who am I kidding? Honestly, it didn’t matter if it was the Great Recession.…every year I went through the same money pinch. The stress would always begin around Thanksgiving week when I could no longer ignore the holiday spiced coffee at my favorite coffee shop. As I was buying spiced coffee, Black Friday was looming in the back of my mind as the day that I was supposed to spend my entire paycheck.
Each day that I made the “wise” financial decision to get another $3 coffee over saving up money to buy those gifts, the stress would build. I personally wanted to give a stern talking to the financial guru telling me to give up my daily coffee habit. Whoever came up with that advice was simply someone for whom coffee had not touched their lives like it has touched mine. I was seriously thinking of changing my love language from gifts to simply coffee. Maybe that could be the only gift I would give this year…coffee? My family members with young kids might have a problem with Aunt Kim giving the gift of caffeine…probably should go back to the drawing board.
Fast forward to 2010, the first year being employed after the Great Recession. I had spent that year getting on a plan for my money and was slowly digging out of debt. Also, I picked up a friend for the journey (my now husband) who was super supportive AND not a spender! Where my love language was gifts, his was spending quality time. Hmmmm… quality time is cheap and I don’t have to give up my coffee…maybe that is an idea!! I ran with it and even now, when we have been debt free for so long, pretty much every year my family gets some sort of experience. In fact, this year my sister and brother-in-law sent out a text to only give their kids experiences for gifts.
Experience Gift Ideas:
- Annual memberships to museums
- Comedy show tickets
- Aquariums
- Organized camping trips
- Photography classes
- Custom wine making events
- Birdhouse building workshops
- Family game night
- Hot chocolate and snowshoeing or sledding
- Wine tasting events
- Local swimming pool summer passes
- Homemade diabetes friendly hot cocoa mix.
This list goes on! One year I combined a bike ride and wine tasting. Purchased tickets to a local outdoor treasure hunt where there was real treasure involved.
Planning an experience just seems like too much work? Here are some tips to rein in spending this holiday season:
- Come up with a plan for how much you want to spend on each person.
- Ask family to do just “kids” gifts this year or draw names.
- Take out cash – My clients save an average of 38% by using cash at physical retail locations for purchases. The typical response after going one month with cash- unbelief that they saved so much money. You can also do this with online purchases. Take out the cash at the beginning of the season and as you purchase online, move the money from that envelope to an envelope that you deposit back into the bank. Seems a bit extreme but you will spend less. Lowest savings experienced by my clients was 8%. The highest savings was 58%.
- Do not bring any credit cards with you. My clients report that they always spend more with credit cards. I have seen people spend 50% more than they would have otherwise. Credit cards cause the least amount of pain in the brain according to Carnegie Melon, Stanford and MIT.[1] Which means one is not aware of how much is being spent.
- If single ask a friend who is good with money to hold you accountable. Reporting to someone else helps to avoid overspending.
Kim Demarest is a Financial Coach, and founder of Be Knot Afraid. You can find more information on her website www.BeKnotAfraid.net or you can reach out to her via email Kim@BeKnotAfraid.com
[1] https://www.cmu.edu/homepage/practical/2007/winter/spending-til-it-hurts.shtml
Invest Well. Manage Well. Live Well.
Gary is a Financial Associate at Gleba & Associates, Inc., joining our team in June 2020. After graduating from Walsh College with a Bachelor’s Degree in Finance in 2013, he began his career at Raymond James Financial Services. He then moved to the world of banking, working as a banker with Chase Private Client and then as an Assistant Vice President, Financial Advisor with PNC Investments. Gary has expertise in all aspects of financial planning including investment management, higher education planning, life insurance, and long-term care insurance needs analysis. When he gets away from the office, he loves to spend time with his wife, Lauren, and two daughters, Hadley and Harper. He enjoys woodworking, boating, summer weekends at the family cottage, spending time outdoors and traveling.
Conor is a Financial Associate at Gleba & Associates, Inc., where he started in 2018. Conor has prior experience in the financial planning industry, as well as in the insurance industry. His high level of understanding insurance and financial products helps him in assessing the needs of our clients. He holds a Bachelor of Science degree in Business Administration with a concentration in Finance from the University of Detroit Mercy. You can often find Conor playing soccer or walking with his two dogs Milo, and Ellie. He is also an avid follower of the Detroit Tigers, Detroit Red Wings and his alma mater, the University of Detroit Mercy Titans.
Lorie Heitzer is our Financial Associate at Gleba & Associates, Inc., where she has been a valuable employee for more than a decade! In her current role, Lorie assists with client reviews, implements client financial planning, and handles preparation of investment paperwork. During her time with Gleba & Associates, Lorie has earned her Series 6 (Investment Company Variable Contracts Representative), 63 (Uniform Securities Agent) and Life Insurance Licenses, allowing her to move into her current role where she assists clients in both of these areas. Lorie and her husband Bill, along with their daughters Lauren and Alexandria, and sons-in-law, Andrew & Joe, enjoy golf and make it a family event whenever possible. Her tenure at Gleba & Associates speaks volumes to her passion for the firm’s family atmosphere and her dedication to our clients and their financial and insurance needs.
Terri is the Service Manager at Gleba & Associates, Inc., Joining the team in April, 2015. In her role, she handles client service requests and underwriting. Terri’s previous experience in 401(k) Retirement Plans, Payroll and Human Resource Administration is invaluable, allowing Gleba & Associates to grow and run efficiently. This is knowledge that can also assist our small business clients as they grow their businesses. Terri enjoys spending time with family, which includes her husband, Gerry and her two children, Vincent and Genna. She loves the outdoors and camping with family in their RV. Terri looks forward to continuing the high level of customer service you have come to expect from Gleba & Associates!
Michael is the Marketing Manager at Gleba & Associates, Inc., where he began in August 2017. In his position, Michael creates and develops marketing strategies to enhance the image of Gleba & Associates, and helps maximize the Client-Advisor relationship. He is also in charge of company events, seminars, and educational workshops. Michael has a Bachelor of Applied Arts Degree in Integrative Public Relations from Central Michigan University. When he is not in the office, Michael can most likely be found playing billiards, playing poker, on the tennis court, or rooting on the Utica Unicorns baseball team. Michael stays active by going to the gym and going to the dog park with his Labrador-mix, Milton. His approachable attitude, along with experience in marketing, communications, and social media, makes him a valuable asset to the Gleba & Associates team.
Moiz is our Financial Associate at Gleba & Associates, Inc., where he began in 2013 after working for Bank of America and Thomson Reuters in various financial roles. In his position, Moiz assists in the research of financial solutions in order to meet client’s needs, conducts client reviews, provides insurance quotes, offers detailed financial plans, and delivers follow-up services to our clients. Before moving to the United States in 2004, Moiz grew up in rural India, where he was raised in a family of entrepreneurs. This allowed him to quickly learn the value of financial investment. Moiz holds a Bachelor of Commerce Degree in Accounting from Gujrat University and a B.B.A. in Management and an MBA from Walsh College of Accountancy and Business Administration, where he was elected as a member of Delta Mu Delta, the International Honor Society in Business Administration in recognition of high scholastic attainment. Moiz enjoys spending time with his wife, Tasneem, son, Taha, and family. He also loves playing tennis and rebuilding computers. His expertise in the areas of banking, mortgage and taxation helps to provide our clients with distinct portfolio advice as well as overall financial direction and growth.