The holiday season is here. It’s time for gifts, holiday meals, and celebrations, parties, and community. We want to offer some guidance for spending wisely during the holidays. Black people in the US are richer and have more spending power than ever before. With this spending comes power; real economic power. And the responsibility to use that power wisely.
Common Sense Rules for Black Holiday Spending
We want to discuss some common-sense spending rules we follow to put our spending power to the best use. Many of the rules are basic personal finance rules. Others are asking you to make Black businesses an option.
Rule #1: Plan ahead, budget ahead. This rule is pretty universal. You must have a plan or a list of people and gift ideas. Do not impulse buy.
Rule #2: The value of a gift is not the same as the amount of money spent on a gift. The hard part is thinking of an appropriate and lasting gift. My dad is old. He wants a ceramic, light-up Christmas tree like he had growing up.
Rule #3. Try black business first. We are asking everyone to spend $25 dollars this holiday season with a Black Business. Use an online Black business directory. The amount you spend is not as important as the actual process of finding a Black business and a Black retail product. Consider Black Business gift certificates. Record your purchase at “myblackreceipt.com”
Rule #4. Don’t shop where you can’t work. Avoid businesses that do not employ black people like retail establishments, convenience stores, ethics restaurants and subway franchises. If no one Black works there then you probably should not be shopping there. And don’t fall for condescending and demeaning sales tactics like,” If you have to ask the price, you can’t afford it.” Answer: “Look <insert put down here>, I work hard for my money, but clearly you don’t. “
Rule #5. Order online. You know someone Black is working in the warehouse and delivering the product. Make use of free returns. Most of us like the in-person shopping experience: the crowds, the “buzz,” the surprise of finding something new. But that does not mean that you actually have to buy it in the store. Practice “Show-Rooming” and “Window-Shopping.” Then order online.
Rule #6. Avoid anti-black businesses. Chick-fil-A has few Black managers and even fewer Black Franchise owners. Tesla has multiple discrimination and anti-labor lawsuits. Many tech companies like Apple, Google, and Microsoft have few Black employees (less than 3%) in jobs that are outside of retail. Wells Fargo “steered” qualified Black applicants to sub-prime mortgages. The list of consumer discrimination is long. Meanwhile, some brands like Proctor and Gamble are known for diverse workforces. So are UPS and the postal service.
Rule #7 Use cash or a debit card or cash rather than a credit card. Avoid gift cards with fees. Spending less money on gifts does not make them less meaningful Take advantage of Computer-assisted shopping technology. Search for a product before buying. Compare prices and features side by side,
Rule #8: Consider experiences rather than things. Concerts, events, dinners, boat cruises, hikes, ice skating, quilting, music lessons, sports, dance lessons, and hobby kits. Many community colleges and vocational schools offer classes in carpentry, electrical wiring, and home repair.
Rule #9: Look for quality products. Quality products are cheaper in the long run. We just bought our fourth coffee maker in ten years. I drove over to Walmart and spent another $40 buck. Four times $40 dollars is $160 buck. If, I had just bought the more expensive model, I might have saved money. Same for shoes and coats.
Rule #10: Ask AI for gift recommendations. Give it a try. Usually, it just confirms what you already know.
Our Gift Ideas
This year we are emphasizing experiences and special, thoughtful gifts.
Black Business gift certificates, one hour of cellphone support (great for older people), cookbooks, 5lb hand weights, old school hip-hip logo t-shirt or hoodie, a sports jersey, a free credit report (credit karma and others). Other ideas, games, “a hobby” – google find a hobby, create a scrapbook with old photos, family history research, a corkscrew/bottle opener and a bottle, and the old standby: a plant. Also, visiting with relatives and bringing food always works.
The best gift for someone interested in personal finance: Their very own credit report, an application for a low fee, low-interest credit card, or a personal finance course There are also online personal finance courses (for example “Earn You Leisure” and “The Broke Black Girl” offer courses).
Summary
We are not asking you to change your spending, just consider a Black Business for some of that spending. There are hundreds of Black Business directories at your fingertips, so you can no longer claim you cannot find a Black business. There is no longer any excuse not to spend money with a Black Business in 2023. Black people in the US are doing well, not great, financially. We are asking Black consumers to use some of that spending power wisely and support Black businesses. Happy Holidays.