Financial Matters

With David Frederick FCCA | Marcus Bishop Associates | marcus-bishop.com

Christmas In An Unprecedented Time

I guess if Stanley Adams was still alive in 2020 he would have rewritten his classic song “What a difference a day makes” and given us “What a difference a year makes”. Perhaps the first verse would read, 365 days later has brought us a pandemic with irreversible change. For as we look forward to Christmas and waving goodbye to 2020, we are all in a transformational different place from 365 days ago, yet we have to face the arrival of Christmas and all the things that we all assign to it. In many or some quarters the religious significance has long since been lost or forgotten. The economic landscape for everyone is different from what was perceived, planned or imaginable at the start of the year. Households across our region and nationwide has felt the effects of Covid-19. Whether it is furlough, loss of employment, business shut down or any combination plus more, households are experiencing the ongoing effects. All these transformation and unplanned effects have a direct impact on our Christmas plans. Therefore how will households cope with the festive season of 2020, whether in lockdown (stay-at-home safe) or tier 1, 2 or 3? This will be the real test of financial acumen and challenge. To understand how households were facing up to the challenge, some of our readers shared their opinions. “Control the controllables is the mantra for families this Christmas. Can you purchase less expensive smaller items for gifts? Are brands important or is there a similar less expensive alternative available that can also help the local economy. Shop local to save the high street. Make your own rather than buying in can help save pounds. From crackers to Christmas cards for family- recycle and reuse.” said Lawrence Wilson a small business owner with a young family. Local accountant and financial trainer, Jackie Stewart with teenage children, added “parents should not be going broke buying presents. If parents talk to their children, they’ll learn that children are more resilient than they are give them credit. Sometimes buying lavish gifts for children is a reflection how parents feel and not whether it’s what the child needs.” Jackie also added, “children want your time and for children love is spelt T I M E. The lesson is children value the time spent with them greater than being showered with lavish boxes of gifts.” Petra Boucher a local VA provided an alternative strategy that will see her through Christmas 2020. “Experience has taught me that December and January can be expensive months. So for several years I have arranged my finances so I my recurring debts are paid via direct debit. However, they are paid over 10 months or less which means I have no direct debits in December and January. This reduces any financial pressure on me for Christmas.”

Seven Tips for Christmas 2020

Consequently, for Christmas 2020, more than ever consider the following seven tips: 1) Set a budget for any planned expenditure; 2) Spend within your budget. The lesson of 2020 is tomorrow events will not occur as planned; 3) Avoid any form of borrowing; 4) Keep it simple, remember just like how children spell love, happiness can also be spelt TIME! 5) Be creative, ask what can we make rather than buy; 6) Past behaviour may not serve us well today. Don’t be afraid to substitute items in your shopping basket, eg will replacing turkey with chicken harm you? 7) Build on that community spirit of sharing, rekindled and witnessed across our communities since March 2020. As we approach a memorable Christmas season 2020, households may wish to remember the words from Stanley Adams’ original hit, “What a difference a day makes, twenty-four little hours”

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