Happier Holidays: Getting Off the Consumer Escalator

By Marcia Shetlerautumn-19672_1280

During the last week of October, I was running errands. At the grocery store, I noticed snowmen statues scattered among the baskets of fall mums. At the home improvement center, Halloween and Christmas decorations were competing for space on crowded shelves. The holiday shopping season seems to begin earlier and earlier each year, giving us more and more time to plan our shopping strategy to make ourselves and others happy—or so we think.

In North America, shopping has become enmeshed with celebrating the holidays. We can name when Black Friday, Cyber Monday—and in Canada, Boxing Day—take place as easily as Christmas Eve and Christmas Day. And not only do we know these days, we participate. gift-1420830_1280In their online Holiday Headquarters, the US National Retail Federation’s recent survey found that US consumers plan to spend an average of $935.58 during the holiday shopping season this year. Nearly six in 10 plan to buy for themselves, spending an average $139.61, up 4 percent from last year and marking the second-highest level of personal spending in the survey’s 13-year history. The Royal Bank of Canada reports that the number of Canadians who are spending more than they expect to each holiday season continues to grow, reaching the highest point in five years in December 2015.

The title of this month’s COMPASS Initiative topic may feel a bit dated, as US consumers report a three-way tie for their holiday shopping destinations: department stores, online, and discount stores. And Statista reports that although in North America the United States is by far the largest national market for e-commerce, Canada is slowly but surely catching up, with online retail sales expected to reach almost 50 billion Canadian dollars by 2019. But the escalator imagery is a good one as we consider what happens, unfortunately, to many holiday shoppers, as their expenses and their debt go up and up. According to In Charge Debt Solutions, one survey after the 2015 holiday shopping season revealed that US consumers added nearly $1,000 to their credit card debt balances. While similar Canadian statistics are harder to find, HIBUSINESS reports that Canadian consumer debt reached an all-time high this spring.

So during November, we’ll explore how we can get off the stressful up escalator and on the down escalator toward a more meaningful holiday season. Each week new articles here on the COMPASS blog will provide practical ideas, personal reflections, and spiritual insights. Follow our Twitter feed and join us on Facebook all month long for great curated content on the topic. And learn about resources on the COMPASS web page that you can use for further in-depth study.

Finally, our monthly Live Chat on Wednesday, london-692137_1280-mallNovember 16, 8 p.m. Eastern, 7 p.m. Central, 6 p.m. Mountain, 5 p.m. Pacific, features Darryl Dahlhemier, Program Director for LSS Financial Counseling. During this Chat, expect to be inspired with examples of ways to capture the spirit and personal meaning of holiday celebrations. We’ll discuss ways to transform older traditions into new rituals that prioritize connection with family and friends, as well as “Talking Back to Advertising” and getting away from more and bigger material focus. Want to imagine the holidays with no extra financial stress and no “debt hangover” in the new year? Join us at the Chat!

The COMPASS Steering Committee and I look forward to journeying with you this month as we meet each other on Facebook, Twitter, and at our Live Chat, to gain new insights into having Happier Holidays!

About the Author

marcia shetlerMarcia Shetler became the Executive Director/CEO of the Ecumenical Stewardship Center in March 2011. She holds an MA in philanthropy and development from St. Mary’s University of Minnesota, a BS in business administration from Indiana Wesleyan University, and a Bible Certificate from Eastern Mennonite University. She formerly served as administrative staff in two middle judicatories of the Church of the Brethren, and as director of communications and public relations for Bethany Theological Seminary in Richmond, Indiana, an administrative faculty position. Marcia’s vocational, spiritual, and family experiences have shaped her vision and passion for faithful stewardship ministry that recognizes and celebrates the diversity of Christ’s church and the common call to all disciples to the sacred practice of stewardship. She enjoys connecting, inspiring, and equipping Christian steward leaders to transform church communities.

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page, follow us on Twitter, and join the COMPASS community on Facebook.

Image credits: pixabay.com

Managing Debt: Loans and Money in March

As the calendar turns to March, COMPASS is focusing on debt management this month. You will hear perspectives from financial advisors, debt experts, and faith based financial voices as well. As we set the stage for this conversation, it is important to briefly articulate some of the different types of debt we might face.

debtCredit Card Debt

A couple of years ago, about 6 out of every 10 millennials did not have a credit card. Since then, that ratio has changed somewhat. One thing that does seem clear is that millennials as a generational group lack some credit card knowledge, especially as they relate to credit scores.

Student Loan Debt

Among Millennials, student loan debt is a major generational challenge because of the well-documented increase in the cost of education over the past two decades. Natalie Kitroeff recently noted “Four Ways Student Debt is Wreaking Havoc on Millennials.” Natalie notes that:

  • Student debt seems to dampen home buying
  • Young people are delaying starting families
  • Millennials are saving less than they could be
  • College loans make it hard to be financially healthy

How do we manage these and other kinds of debt? How do we faithfully give and live when facing the reality of debt?

These are questions that there aren’t easy answers to. For example, most of the above observations are true for my wife Allison and me. We have found that it is most helpful to remember the reasons for the debt in the first place.

We have yet to buy, or even look for a home because of our educational and vocational plans as we prepare to be a pastor (Allison) and a rostered leader in ministry (me). We have taken on this debt largely because we believe that our education matters, and that we are called to serve in capacities where an education will be invaluable. So in this sense, these loans are and remain an investment on our part in our present and future.

Conversations about Debt

Sandy Crozier, Stewardship Development Director of The Free Methodist Church in Canada

Sandy Crozier, Stewardship Development Director of The Free Methodist Church in Canada

This month COMPASS is beginning a new initiative offering a monthly conversation in real-time on the month’s theme. The first conversation will center on topics related to debt and how to manage it. It will be held on Tuesday March 22nd at 8pm EDT/5pm PDT. Sandy Crozier will be our topic leader. Sign up for the Live Chat at https://stewardshipresources.org/compass-live-chats. If you have questions that you would like to discuss, please let us know in the comments, via Facebook or Twitter, or by email.

What questions do you have about debt and managing it?

This blog is a component of the Ecumenical Stewardship Center’s COMPASS initiative to engage young adults in conversations about faith and finances. Like what you see and want to know/do more? Visit the COMPASS web page and join the COMPASS community on Facebook.

Image Credit: Debt