Sheconomics for Christmas

I am typing this from my fairy grotto, twinkling lights draped around my tinselled torso humming along to carols coming from my homemade nativity scene complete with hand-crocheted baby Jesus.....

.... OK, I wish…..actually there’s not even a sprig of holly in the house and it’s too late for me to be ready early for Christmas. In fact folk everywhere are putting their brussels on now to make sure they’re well-stewed for Christmas day (the sprouts not the people)…..so I’ve got some catching up to do.

If I don’t get to the shops everyone’s getting a copy of Sheconomics for Christmas (that includes you Simonne!).

The gift that keeps on giving?

After the Daily Mail ran a story about regifting, featuring my research, today I’ve done lots of radio interviews on this topic.

Regifting is getting more popular and many justify it because it’s green and economical.

I think we’re all passing on unwanted gifts simply because we have too much stuff.

But palming off your tat onto someone else isn’t going to solve the problem (and could lead to disappointed reactions and hurt feelings at Christmas).

My research with Ocado showed that luxury chocolates and champagne are sure winners (you can sneak them into the online grocery order too). Few people would regift those and many would be chuffed to get them.

But if we really don’t know what to buy someone why not give time, offer to cook a meal, babysit and do some gardening?

And instead of regifting those novelty socks or that hideous vase to someone else why not take it to the charity shop? I like the idea that a person might buy it as a gift for someone who then gives it to the charity shop and they sell it again...and so on...recycling with a conscience!

Sheconomics tips for a cool yule

I wasn’t surprised to read that seven out of ten people report money as their main stressor, according to a US survey for the American Psychological Association. And the Christmas holiday is one of the most tense and taxing times for nearly half of all women.

How can you buffer yourself against seasonal stress and guarantee yourself a cool yule? Here are our Sheconomics tips:

· Invest in yourself. Put aside time for some self-pampering, long walks, old movies or a riveting novel. Don’t let other demands encroach on that precious me-time.

· Have realistic expectations. Let go of idealised notions about the festive season with you as wonder-woman in flashing reindeer ear-rings. Enlighten others about what to expect, then no-one’s disappointed.

· Focus on what matters. Know what you want from the holiday season, e.g. giving back, togetherness or reflection. Make it your holiday philosophy and don’t lose that focus.

· Stick to the budget. Set a limit on what you’ll spend on gifts and food. Scale back those sneaky extras/last-minute treats or try home-made instead.

· Rope in others. Whether it’s help with planning, shopping or cooking or the need to talk and get psychological support, don’t be afraid to ask others for hep when you’re feeling overwhelmed.

Got friends who are feeling stressed about finances? A copy of Sheconomics could be the perfect gift!

The real COST of Christmas?

Millions of pounds are wasted at Christmas on gifts that people don't need, want or even like. US academic Joel Waldfogel a few years back calculated the 'deadweight loss' of Christmas. He asked people what they would be prepared to pay for the gifts they'd been given. On average it was only about 80% of the true cost to the buyer. The difference in value amounts to millions of wasted dollars.

In his new book Scroogenomics he asks what is the point of gift sets? How many serious golfers would buy themselves those golf-themed knick-knacks, the golf bag wine holder or golfball festooned mug with novelty golf socks? Not many, and I'm sure most dads, uncles and brothers wish they were at least 18-holes away when they open such a gift on Christmas morning.

My own research, carried out recently in association with Ocado, revealed that men are more likely than women to be disappointed with the gifts they get. But women are better at hiding it and try harder to put on a happy face.

I've also analysed the subtle nonverbal signals that leak out when someone opens a naff gift. For more on this check out the info and report on my website.

OVERCOMING RELUCTANCE - SOME TIPS

The AXA survey really highlighted how reluctant people are to go for financial advice. One in seven people said they'd rather go to the dentist than to a financial advisor. The tips we devised to make it easier for the most-reluctant are:

· Take the first step

Visualise your goal. Have a clear sense of where you want to be. Break down how you are going to get there into small steps. Then take one small step towards your goal today.

· Make it known

Own up to a fear or problem and share it with someone you trust. Enlist the help of a supportive buddy. Once you’ve put it out into the world there’s more chance of a solution.

· Get outside yourself

If you’re trapped by inertia and indecision, ask yourself ‘What would X do?’ Think of someone who you believe has it right financially - then put it into action.

· The law of opposites

You can trick your brain by behaving in the opposite way to how you feel. So acting as if you are the person you want to be will conquer some of the barriers you’ve been putting up.

· Reframe

Putting a different spin on problems can lead to a fresh approach. If the idea of a pension bores you, for example, reframing it as a gift to your future self could shift your mindset.

Almost two thirds of the people surveyed said they would seek help - if they could find someone they trusted.

Simonne has helped hundreds of people sort out their finances, so if you're one of the reluctant ones she may be able to help you -have a look at Wise Monkey Financial Coaching.

Or go to www.savvywoman.co.uk. This great site, run by top personal finance journalist Sarah Pennells, has a panel of experts on hand to answer your financial questions.

What's stopping you?

I have written a report on the psychological barriers to financial management for AXA, based on a yougov survey.

The three main 'blockers' that people have come under the headings:

• inertia (doing nothing because of fear, indecision or the status quo bias
• ignorance (thinking things are better than they are or being baffled by jargon)
• immediate gratification (wanting rewards now instead of being able to postpone them)

If you want to read the report, with some fascinating stats too (one in ten men would rather have a minor operation than see a financial advisor) it's downloadable from our Sheconomics site.

The buzz at Birmingham

What an amazing time I had today at the Women on their Way to Wealth conference. I had such a positive response to my keynote talk from so many women and the sheer energy in the room today was palpable. I'm sure anyone looking down from outer space would have seen Birmingham glowing!

The combined wisdom, humour, creativity and vision of 150 go-getting women is a powerful force indeed. Thanks so much to Jo and Lisa at Women on their Way for putting on a really inspiring and uplifting event.

Wise words from Johanna Waagfjord, one of Iceland's top businesswomen, were "Just say Yes", reinforcing Jo's message that women are prone to overthinking and need to just take the plunge now and again.

Talking of 'plunge' I am still smiling at Jo's slip when she mentioned that she was 'hugely breast'. She meant blessed but hey, we all know about post-natal hormones and she's a wonder.

At book-signing a few different inscriptions were requested but the best one was from one woman to her friend - "JFDI" (Just f*cking do it)!

And thanks to Deb Davies for telling all mothers to say "You're on MY bus". The perfect mantra for all mums whose kids give them the run-around.

My Budget Day - AXA's inspired idea

I love Axa's idea of My Budget Day, this week.

If only more of us just put aside a bit of time for financial planning, we could be a load better off.

Another brilliant idea they have is to rename pensions! If the very word 'pension' strikes fear to your soul can you come up with something better?

In Sheconomics we reckon on reframing your pension as 'a gift to your future self', but renaming is also an effective way into tricking your brain into associating it more with pleasure than pain -

what would the word be though?

To enter go to Axa's site - you could win a cash prize.

Simonne asks: How green is your money?

This week (8-14 November) is National Ethical Investment Week (NEIW). The idea is to raise awareness of green and ethical options for investing money and inspire us to invest in a way that will have a positive impact on society and the environment.

As a nation, we may have got into a good habit of recycling, buying fair trade products and preserving energy, but few of us are choosing to invest ethically. Half of people with savings and investments would like to make money and make a difference, yet only 8% of investors have an ethical investment or savings account (source YouGov).

To find out more about ethical choices take a look at YourEthicalMoney. This site provides independent information on what banks do with your money, allows you to easily compare green and ethical investments and helps you find an ethical financial adviser. There’s also a link to this site on the Resources page of our Sheconomics site.

Simonne

Simonne's tip for tracking your spending

Here’s an easy way of staying in control of your money while you’re on the move.
There’s a great tool you can download on your iPhone for free - called ExpenseIT.
It allows you to keep track of spending against budgets you set for everything from food to frivolity.

We’ve had great feedback on it so far, but have a play with and let us know what you think... Simonne.