The looming specter of further job cuts in 2009 have made Christmas 2008 anything but festive. The global recession that has touched the lives of every person in our world economy will undoubtedly be here for some time to come. As many of us scramble to balance our check book and keep within our budget this Christmas, the sense of impending ‘debt grief’ is surfacing.

Personal finance websites are reporting higher traffic as holidaymakers spend their online time searching for solutions to their financial woes. ‘Make money online’ websites will probably benefit the most in the short term. Many of us know the sickening feeling of using an ‘almost maxed’ credit card to enhance the festive cheer with no clue as to how we will repay this debt. From buying our children all the goodies this season, to surprising a loved one with an expensive gift, Christmas is really the time of giving but it would be equally nice to receive.

If your intention is to restructure your finances in the coming year, the best piece of advice is to save for special occasions like Christmas, birthdays and anniversaries. Do not be dependent on your credit card for that gift or an expensive dinner. These are luxuries and not essentials and should be carefully planned. Many of us claim to be unable to save. This lack of discipline often leaves us debt wracked by January and the uncertainty of the global economy in 2009 means that we may just become bad debtors. A bad credit history has a long term repercussion on your life and while it may be a bit too late to save for Christmas 2008, try to practice restraint in your spending habits.

We have become a society that expresses its emotions and masks the insecurities by material items. This is the season for family and friends. Love, peace and joy. Let us not forget that. Money and gifts are just the bonus and not the essential part of an enjoyable Christmas.

By: Gregory Crayne