What do you give to someone who has everything?A few Christmases ago, Synergeia Foundation president Milwida Guevara found herself worrying what to give to Washington Sycip for Christmas.

Apart from being a well-known figure in the business sector, Wash is one of the reasons Synergeia can do so much work in the education sector, Milwida says. (If you are interested in reading more about this very interesting man, read my favorite professor’s blog post on him here. Butch Dalisay finished his biography on Wash Sycip just this year.) After agonizing about her problem, Milwida bought Wash a toy train that moves on its tracks. You know the type, either your son wants one or your husband does.

“He was so happy with it, he played with it in his office and called his staff to look at the train,” Milwida told me, laughing.

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The urge to splurge and miserly behavior are on opposite sides of the spending habit spectrum, but it’s not too hard to imagine most of us swinging from one side to the other at any given time.

That’s because everyone has weaknesses. I’m not very particular with electronic gadgets, for example, so I lived with a Nokia 3310 when everybody was taking snappy pictures with their latest model mobile phones. My friends told me that was super miserly behavior.

Get me into a kitchen showroom, however, and I will be hard-pressed to don my frugal hat. I “NEED” everything that comes with a nice kitchen, although I don’t know how to cook well! I thought I was moneysmart and was in my safety zone until the kitchen showroom came along. Then boom, sorry spending plan for 2006!

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I woke up to an ache in my chest as I read the morning paper.

Mariannet, the 12-year old child who hanged herself last Nov. 2, was my daughter’s age. She is one of 11 million Filipinos who share a strange kinship with one billion more across the globe who live on less than a dollar a day. Her diary says she killed herself because she lost hope her family will ever get out poverty. Her wish list found in her diary was short: a bicycle, a school bag and jobs for her parents.

“Gusto ko po sana magkaroon ng bagong sapatos at bag at hanapbuhay para sa nanay at tatay ko. Wala kasing hanapbuhay ang tatay at nagpa-extra extra lamang ang aking nanay sa paglalaba,” she said in her “Wish Ko Lang” letter. [I wish for new shoes, a bag and jobs for my mother and father. My dad does not have a job and my mom just gets laundry jobs.]

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Oh you better watch out, you better not swipe, you better not flaunt your shiny new card. Christmas spending is coming to town.

Ok, ok, so I’m not the best songwriter in town. :p But the fact is, most of us do have hangovers come January – the kind that make it so hard to go to the bank to pay our credit card bills when Jingle bells no longer chime.

The spendmaster in me talks like a well-meaning conscience: Oh come on, it’s Christmas! What else do you work hard for? The children need the memories, the magic, the gifts, and the ambiance! You can always pay for all the expenses next year. (Voice becoming shrill and high-pitched towards the end of the argument.)

(Photo credit: AFP)

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Warning: the first few paragraphs of MoneySense’s personal finance feature today may read like the diary of a rich, spoiled brat:

When Mardie and I married in 1999, we were better off financially than other newly-weds. We already had a townhouse (my parents helped with the down payment), acquired through a loan from the Government Service Insurance System. I was working then as a lawyer at the Securities and Exchange Commission; Mardie just finished a contract with a foreign firm and started a consultancy business.

We weren’t concerned about other things as I was pretty much relying on my parents for support. Being the youngest and only girl in a brood of six, I had lived a stress-free life especially about money. My dad was and still is a great provider. Growing up, there were plenty of extras and luxuries (I had a credit card when I was a teenager in the 80s), so at a young age, I was used to buying stuff without thinking of how to pay for them. I actually did not give up my dad’s credit card until a few years after I got married. I knew I could always count on my parents to foot some of the bills and pitch in whenever we had money emergencies. Deep down, I felt that my husband was uncomfortable with this set-up, but he seemed to accept it, and was never resentful.

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Guess which toys my two-year old son played with the most?

This Leapfrog overpriced invention that sings the alphabet for him while mom looks on?

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Insurance for children are cheap, sure but in this case, “cheap” doesn’t equate to “good buy.”

The reason is simple. Children don’t need insurance. Our personal finance feature for today says:

Children do not need life insurance. You are not dependent on your child for your income. If your child passes away, you can still continue to work and earn, and life will still go on for you.

Read the entire article here.

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An employee for Japanese toy maker Sega Toys displays the world’s smallest “Grand Pianist - Hello Kitty Version”, which has 88 working keys and can automatically play 115 pre-installed musical songs, including 15 Hello Kitty related pieces. The original version of the Grand Pianist started selling in Japan in April and the new white Hello Kitty version will be put on the market next month.

Eighty-eight days to go before Christmas! Many of us scrimp and save the whole year, only to lose it all in December. Parents go crazy buying the best Christmas gifts and serving the best Christmas dinners, mostly to assuage our own guilt when we feel we haven’t spent much time with our kids the rest of the year! I’m guilty here too hehe.

If we wait until December to decide on a limit for Christmas spending, it’s easy to be swayed by great commercials and amazing packaging. Hubby and I used to have a “skies the limit” attitude when it comes to getting gifts for the kiddos, but lately, we have decided as a family to lie low on consumerism and focus on what’s really important – family, togetherness, and of course a gift that doesn’t take away the spirit of what we actually celebrate on Christmas time.

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Sure, you can get rich with a big inheritance from a great aunt you don’t really know. The source of real financial independence, however, comes from the little money decisions we make regularly.

This article from Lucena City, courtesy of the Philippine Daily Inquirer’s Southern Luzon Bureau, says volumes:

LUCENA CITY – Schoolchildren in northern Quezon towns are contributing a few pesos of their daily cash allowance to help fund a campaign against government dam projects in the Sierra Madre mountain rivers and avert a possible environmental disaster.

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I don’t know if keeping money matters among adults is unique to Filipinos, or even Asians. Time and again, I have seen parents send children away when talking about financial matters. It’s not just that we don’t want our children to worry. It’s just that not many Filipino parents are comfortable telling their children how much they really earn.

However, trusting children with cash is at the heart of teaching financial literacy in the home. If we want them to understand money, we have to let them handle money. More importantly, we have to truly empower them to decide, after we have taught them the right principles behind money management.

I know of a mother who was widowed and had to feed and clothe four children alone. Gainful employment was hard to find because she was a homemaker before her husband died. It was very tough for the whole family.

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