Dec 24, 2020 3 min read

As we reach Christmas Eve, let’s reflect on what has been a difficult year for many Americans.

We have been told to avoid holiday traditions that many families have participated in for decades. Getting together to celebrate family and friends has been a way of life. Take steps that are possible to stay safe, but do find ways to enjoy this Christmas season.

This might be a good time to revisit a very well known short story. The “Gift of the Magi” was published in 1905, a story O. Henry wrote about a low-income couple approaching the Christmas season. It illustrates the true meaning of Christmas.

On Christmas Eve, Della Young wanted desperately to purchase a nice present for her husband, Jim. Money was very tight, as Jim earned only $20 per week, a reduction from $30. Della had tried to save for months when she went shopping, negotiating with storekeepers for the lowest price. She had saved only $1.87 and was desperate because Jim deserved something much more valuable.

Della’s only prized possession was her beautiful long hair. She put on her old coat and hat and went out in the cold, to the hair goods shop to ask the owners whether they would buy her hair. When they saw how beautiful it was, they offered $20. Della quickly accepted the offer and had her hair cut off, hoping Jim would still love her. She took the money and found Jim the perfect present for $21, leaving her with 87 cents. But she had a present Jim deserved. She waited for Jim to come home, and was afraid of what he would say about her hair.

Unknown to Della, Jim had the same desire to surprise her with a nice gift. Because he did not have any more money in the budget, he decided that he would sell his most valuable possession.

When Jim arrived home, he was shocked to see Della without her beautiful hair. She assured him that it would grow back soon. Then he gave her the gift he bought – a set of shell and jewel hair combs. Della had admired them, but never thought they could afford these combs.

She was eager to give him his gift – a silver chain for his prized pocket watch, which had belonged to his father and grandfather. She said, “This will look so great on your watch.” Jim said, let’s have supper and look at our presents a little later.

Yes, he had sold his watch to buy Della her present. Their love was strong, but they both received a gift they could not use and that could not be returned.

This season, as you buy gifts for your loved ones, you should consider many factors before selecting the gift. Does it fit your budget? Can you pay cash or pay off the charge card in full when the statement arrives? Maybe the gift does not need to be the most expensive to show how you feel.

This year has been rough financially and in other ways for many people. Make sure your holiday shopping fits into your household budget.

I hope you all have a wonderful holiday season.

Gary Boatman is a Monessen-based certified financial planner and the author of “Your Financial Compass: Safe passage through the turbulent waters of taxes, income planning and market volatility.”

To submit columns on financial planning or investing, email Rick Shrum at rshrum@observer-reporter.com.