Holiday season could be dangerous for boomer-aged women
5:32 p.m. Sunday, November 25, 2007
Early reports indicate that shoppers spent eight percent more money this holiday weekend than they did in the same period last year.
That's good news for retailers, but it could be a red flag for baby boomers approaching retirement age and spending like there's no tomorrow. Boomer women, particularly, can get caught in the spending trap buying for their children, their parents and their grandchildren.
"If you have that maternal instinct, you're always going to have it," said Robert Baker, credit counselor. "You could be 80 and if your children are 50, you still want to give them the best that you can."
The same holds true for first-time grandparents whose spending on toys can get out of control in a scary way.
"If you don't have a resource management plan, you're going to have problems after Christmas," said Baker. "So, I would say let's make this real easy. Be like Santa, make a list and check it twice before you go out to shop. Have a plan for what you're going to spend and remember there are other ways to please the family."
Parents of little kids will always appreciate the gift babysitting time as well as handmade presents like quilts or blankets. But if you feel you have to have something store-bought to put under their treeĊ .
"Kids love gift cards. It's empowerment for them," said Baker. "You can set a limit on that. You can get each grandchild or family member a gift card. Find out if there's an expiration date, if there's any return policy limitations so you're getting the best gift available."
And when giving to elderly parents, boomers should remember that simple gifts are often the best.
"I have a father who's 80, and Ive tried for years to try and get him the perfect gift and, you know, he likes two things," said Baker. "He likes a gift card to his pharmacy, where he gets his medication, and he likes a gift certificate to his favorite restaurant. And if I get him those two things, he is more than happy. If I go out of the box and try something else, it doesn't work."
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