For some people, exchanging gifts is a valued tradition and is an act of love. For others, it has become a chore and a dreaded financial burden.

For some people, the value of the gift never compares to the value of this loving gesture. For others, it is about getting that iPhone or that expensive video game system.

What We Normally Do
The conventional practice has been that the gift-giver removes any stickers and tags that may reveal the price of the item(s). This could be a method of ensuring that the gift isn’t judged on monetary value but on the thought that went into it.

But, as social norms undergo perpetual changes, we are alright with leaving price tags on gifts because we are now okay with the recipient returning or exchanging their gifts if they didn’t meet their expectations.

Yet, there are still those who believe that gifts should hold a sentimental value. These people cherish what materialists do not.

Some reasons I would remove the price tags were if:

• I do not want to reveal my financial status. The price of a gift can give away how much I can afford and I may not want to expose my financial glory or demise.
• I believe that the spirit of Christmas doesn’t carry a “$” sign. Maybe I feel that my initiative to even give out gifts is already a holiday miracle…
• I already know it is on a person’s Christmas wish list. Take out the guessing work and asking them “what is on your wish list?”. They won’t refund what they wanted.

Some reasons I would keep the price tags on would be:

• I purposely want to flaunt my wealth. “Look, I’m rich. I got you all 60” HDTVs just because I can afford it”.
• I am not entirely sure the recipient wants it. I thought that person may like this present but I’d hand over the gift receipt along with it – in case they’d like to exchange or return it.
• I simply don’t care. Why stress over this matter?

After all, isn’t it the smile that we want to see as they ravage the perfectly wrapped present when they open it?

(Photo credit: Randy Stewart)

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There are a bunch of Black Friday ads out already along with articles all over the place that share the tactics and strategies for efficient bargain hunting. This post won’t teach you how to make the most of this shopping holiday but it will advocate the utter disregard of its existence.

I do not want to be a sucker for Black Friday and I’ve also made it a day that I will not spend a penny on shopping.

Here are my reasons that you shouldn’t go shopping on Black Friday:

1. You worked too hard for your money.
   The National Retail Federation states that the average American consumer will spend $683 on gifts during the holiday season. How many work hours is that equivalent to? With the recent interest hikes on credit cards, carrying a balance during this time of the year is not a good idea.
2. You don’t have camping gear.
   If you don’t own a tent, just give up now because your hopes and dreams of a 50-inch HDTV for $200 have been shattered. You will never beat the truly dedicated shoppers who have set up their campsite 2 feet from the doors of your local Best Buy.
3. You can’t use the restroom for HOURS.
   Great, you are among the first five people on line but there are still 2 more hours before the store opens. And, you’ve been chugging espresso shots in addition to the large coffee you are holding to keep you awake. Need to go to the restroom? Too bad you cannot. The fifty people behind you are secretly hoping you drink more because they can’t wait to move up on the line as you sprint to a restroom with a leaking bladder.
4. You might die.
   Last year, an employee was trampled to death as the doors to Walmart opened at 5 a.m. well, you don’t predict that you’ll be run over by a mob of bargain-hungry shoppers, right? But, so did this employee – therefore, you shouldn’t trust your psychic powers.
5. You are broke.
   Open your wallet and take a good look. You almost maxed out all your credit cards. Your balance on your checking account is low. There are two $1 bills and a coupon to McDonalds. If you can’t afford it, stay home. Keep that money to reduce your debt.
6. You are licking the bottom of the barrel.
   Many of the items on sale on Black Friday are leftovers – stuff people didn’t want. Even at super-low prices, you may find that these items are worthless to you. But, why do you still feel like going to that store? Well, that’s the whole point of the large discounts. This is a classic foot-in-the-door marketing technique to get you to buy things you didn’t expect to buy but you did so any way.
7. You know Black Friday is a marketing sham.
   Black Friday is all about the hype and the “tradition”. Who really wants to stand on a long line in freezing temperatures while running on 4 hours of sleep and a Red Bull? With hundreds of people around you taking something home with them, you’ll want to grab something yourself as well so you don’t feel left out – even if you have to pay full price for it.

If you feel that these reasons do not convince you to stay home and you insist on shopping on Black Friday, please remind yourself to be safe and stay money-wise.

(Photo credit: dalangalma)

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Today is the start of the Year of the Ox!

This day is the one that many young people wait for because of the tradition of collecting red envelopes (with money inside!). Aside from that, I love the food and the gathering of people. It is lively and cheerful in our home on this day because four generations of my family come together and just hang out.

For me, this day would be short because my spring semester starts today at 4PM. I’ll check how much I’ve received in red envelopes when I come back home. I’ve got to go so I’ll make this short.

Happy Chinese New Year! I wish to everyone good health and prosperity!

Photo credit: Smaku

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After Christmas, bargain shopping is a given. Normally, my family does not fall into the hype, but this year we fell right into the hole. It isn’t to say that we can’t afford the occasional toys and clothes (since we all carry little debt). It is just enough to raise a concern.

• Dad: He has been stalking the price of a particular headphone since Thanksgiving, which was $199.99 at the time. It dropped to $169.99 and I found a $20 off coupon so I ordered it in a hurry.
• Mom: She was supposed to go on a 10 day vacation to an old friend’s place in Oregon but the snow ruined the plans. Now she spends her days shopping for food and clothes EVERYDAY. She claims, “I’m trying to help the U.S. economy”. Hah!
• My sister: Clothes, clothes, and more clothes. Enough said.
• Me: At home I have no workout equipment or gym memberships. So, I bought some dumbbells and a bench off of eBay for about $190.

Of course, each of us was shopping for deals when we spent all this money (though it is nothing compared to many other American families). Aside from my mom, the rest of us used two essential smart shopping practices for large ticket items:

Wait 2 days before actually buying.
This is the perfect method deters the urge to spend impulsively. It allows time for reconsideration of whether or not we really needed something. We get to do more research about wheat we want to buy and we have time to look for better options or better prices. In my dad’s case, he waited five or so weeks.

Look for coupons or discount codes.
Firstly, much thanks to RetailMeNot.com and FatWallet.com. A quick minute on RetailMeNot.com resulted in a nice $20 off coupon at Musician’s Friend for my father’s headphones. And then, for both my father’s and my own items, I purchased through the links at FatWallet.com to give me 6% cash back on the headphones and 3% cash back on my workout equipment.

Everything was delivered on the same day and the UPS delivery guy said as they gave me the packages: “Whoohoo… Merry Christmas all over again”.

Photo credit: lrargerich

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After Thanksgiving, I went to Atlantic City (if anyone has been following me on Twitter, you would have known) because a friend just turned 21 and we were anxious to gamble (legally, for the first time). Gambling is not an accepted activity when it comes to smarter personal finance, but it certainly was a great experience.

Trip Costs and Expenses
We took the coach bus from Chinatown to Atlantic City. The round-trip ticket cost $18 but we were given a $30 redeemable coupon when we arrived. (This practice is used to lure people into the casinos, where they will hopefully lose more money.) So, we already had a profit of $12.

Firstly, much thanks to my friend’s mom. She was a frequent player of the casinos in Atlantic City and if any of you have visited a large casino, they often have rewards for those who rack up playtime at the tables. She was able to get us a room and covered our eating expenses at Bally’s with her reward points.

Gambling
Before the trip, my friend and I were strategizing for casino games and found that Blackjack would be our preferred game to win some money. What hit me really hard was to find that minimum bets were $10 and up. I’m the conservative type and I wasn’t here to play with thousands of dollars. I was expecting more like $1 minimum bets.

I came to have fun and to win some money, not to watch others do it. Sure, my wallet only had $77 in it and it wasn’t much. But with the hotel room, food, and trip pretty much costing me nothing, losing the money could be seen as paying for the trip. And if I win a little, that’s just gravy!

So… I hit the casino floor and gambled! I got $30 in chips to start (didn’t want to lose everything so early). My plan was to stick with the minimum and never bet more. Here was my progress throughout the night:

1. $30 in 5 minutes
2. $40 in 10 minutes
3. $40 in 10 minutes
4. $20 in 1 hour

I was on a hot streak. Lucky me. I found that once I won some money, I left and took a walk because, if I stayed too long, I will lose all my money. As you can see, I only won $20 after 1 hour compared to $30 in 5 minutes during an earlier session. Pacing myself after wins was a good strategy. In the end, I left with $207 when I started with only $77. The trip definitely exceeded my expectations.

The Winnings
All the money will go straight to my checking account for paying the credit card bill. I won’t just go off and buy myself a new toy or gadget. I know what my priorities are.

All in all, it was a rewarding, fun, and fortuitous experience. Can’t wait for next time…

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Black Friday, Cyber Monday, Valentine’s Day, Christmas. You’ve heard this before and you are going to hear it from me again. All these holidays have been marketed by retailers just so you feel obligated to spend money.

The photo below is an actual photo as of November 26, 2008 at 3:12PM (48+ hours before Black Friday).

Last year, I deemed Black Friday to be a day when I do not spend a single penny. This year, according to the National Retail Federation, 79 million people will refrain from shopping unless they find the very best of deals before spending any money.

According to the survey, 49 million people will definitely hit the stores while another 79 million are waiting to see the weekend deals before making any decisions. This number is down slightly from the 135 million people who said they would or may shop over Black Friday weekend last year.

Read the full article here.

It is obvious that the current state of the economy has reduced consumer spending and big hits taken on investment returns will prevent many others from forking over hundreds of dollars for new toys and gadgets.

If you really tried and did some research, finding a great deal on something you want can be done anytime of the year in the comfort of your home in the middle of the day instead of standing in line in front of Best Buy while watching the sun rise.

Join the club! Save it for gas or something you really need!

Photo credit: jquiz

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Coming from a Chinese family, I’ve always looked forward to this highly rewarding holiday. The point of the festivities of the new year include celebrating a happy and fortuitous year and hoping for another year of good health and prosperity. The lion dances and firecrackers serve to create a lively environment where everyone is happy and active. Also, there’s the large family gatherings and tasty food.

This year though, the holiday landed on a weekday and it isn’t observed in the United States. Education comes first and the long trip home rendered me unable to return to celebrate this holiday and to collect the red envelopes…

Although I’m not able to participate in the highly anticipated activity, my family would accept them on my behalf. Now I’m home to check how much I received! I might sound like a fiend for money but as I’ve gotten older, the total amount that I receive seem to have dwindled.

By tradition, it is usually the married couples who give out red envelopes and those who are young and single are the receivers. When you think of it, though I get money from family and friends, my parents are returning the gesture it is almost the equivalent of a large allowance. Having many children may be a benefit??

My Chinese New Year red envelopes accumulated: $270

Can’t ask more of this holiday. With age comes maturity, so for me, this holiday is gradually drifting towards a more cultural value than a financial benefit.

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Hope everyone had a merry Christmas!

This Christmas, as with many past years, gifts are hardly the main attraction of this holiday in my home. Brought up by first generation immigrant parents, we do not share the common American tradition of exchanging presents.

Our typical celebration, as with many other holidays, includes having a large family gathering where grandparents, uncles, aunts, and cousins come to spend time together. It gives us an opportunity to see the relatives and catch up on the latest happenings of their lives. A great time results from simply activities such as cooking, eating, gambling, talking, and playing. Oh, and what about the adorable baby twins?!

Society presents Christmas with as the day for GIFTS. While that may be just what is on everyone’s minds, the day provides many things people rarely receive in a fast paced world such as a day of from work which they can then spend with family.

Although, I did find a way to treat myself to something at the cost of $0. A free copy of Quicken Premier 2007 and virtually unlimited free PSP games!!!

“The best things in life are free.”

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