In my coaching program, Get InPower, I have a rule - No Should-ing. The No Should-ing rule is extremely important during this holiday season and in the current economy. Over the years, our learned behaviors and expectations for the Christmas season are that we will all spend an excessive amount of money buying presents for each other - many of which will be totally useless shortly after their purchase.
The retail industry’s success for the whole year is based upon spending during the holiday season. They capture about 25% of their sales and 60% of their profit during this time of year. Shortly after Halloween, the store aisles start showing signs of items dreamt up and manufactured just for this time of year to play into our thinking that we "should" spend. We spend way more than is reasonable on things we either don't want or need. After all, who really needs a Chia Pet.
Economists have estimated that at least 10% of our purchases during this season are deadweight loss. This means that if you calculate the amount givers spent and subtract how much the receivers of the gifts would have paid for the same items (if anything) - the difference is the loss. Not really intending to pick on them, but ... would you ever spend $20 of your own money on a Chia Pet. Probably not. That is deadweight loss. Ten percent might not sound like a lot, but Americans spend upwards of $40 billion a year during the Christmas season. Ten percent deadweight loss is $4 billion - and that is a lot of money.
This year, times are tight for everyone. People are losing their jobs and homes. Retirement funds are being raided just to keep the lights on. Even the wealthy have suffered losses. As the stock market takes a dive, it is their net worth that plummets. Companies are cutting back on holiday parties and bonuses. Out of necessity, the extravagant spending will be greatly reduced this year. (There is even talk that Barak Obama and his administration are considering scaling back the inaugural celebrations so as not to send the wrong message to the American people.)
The Good Morning America, The Today Show, and other talk shows are buzzing with advice on how to reset gift expectations this year and to not become racked with guilt in the process. The best way to do this is to stop Should-ing. Here are a few steps:
- For everyone on your gift list, consider exactly what you are trying to accomplish with the gift. Some examples might be: to let them know you love or care about them; as a thank you for their support during the year; because you always give them a gift; because they will be upset if you don’t give them one. Try to be as honest with yourself as possible, assess your motives, and make conscious decisions about who stays on your gift list and who only needs a card.
- Try to determine what the receiver might actually value. This is not only important for the gift's recipient but for the giver as well. When you give something that you know is of no interest to someone, you reinforce the sense of obligation to give that you have internally, feel as though you are wasting your money, and receive none of the joy that is inherent in the act of giving.
- Determine how much you are willing to spend in both time and money on the gift. Since the root motivation for all gift-giving is connected to the maintenance or establishment of a relationship, the sentiment of the gift is important. Sentiment does not have to cost a lot of money, but it does require your time. Invest some of your mental energies to ensure your gift has high sentimental value. If your $10 gift is related to something you heard the person say they wanted or addresses a problem you know they have, it will be more valuable to the receiver than an expensive necklace is to someone who doesn't wear jewelry.
The spirit of the Christmas season, regardless of your religious affiliation, is one of love, joy, and peace. Gifts (originally handmade items and baked goods) were traditionally given as an expression of that spirit. As the economic power of our nation grew, the price tags our gifts has grown and our expectations of the quantify of gifts also grew. During all of this growing, the true Christmas spirit has suffered and so has our level of personal power. Take back your power and decide for yourself, without the Should-ing, how you would like to extend your love, experience joy, and spread peace this holiday season.
Merry Christmas, Happy Holidays, and Have a Powerful Day!
Cecilia
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