Filed under: Personal Finance, Lynnette Khalfani-Cox
In the holiday season, it seems everybody wants to play Santa. Ever notice how the tips at restaurants get a lot bigger in December? Or how the cash starts to flow (almost effortlessly) from some people's wallets as Christmas, until New Year's Day rolls around? Perhaps nowhere is this phenomenon seen more than in the area of tipping, or giving someone a little something extra for a job well done.
While some celebrities with deep pockets, like golfer Tiger Woods, are said to be
notoriously bad tippers, other folks in the spotlight, like actor Johnny Depp and singer Mary J. Blige, have been known to be
extremely generous tippers. Depp once gave a $4,000 tip to a waiter at Gibson's, a Chicago steak house. Meanwhile, Mary J. last year had some tequila at the Gramercy Park Hotel in New York, and then left a $500 tip. Even Bernie Madoff's son, Mark Madoff, who recently hanged himself, reportedly
tipped a valet at a parking garage $400 the day before committing suicide.
But it's not just the rich and famous, actors, athletes or "ballers" who are free-wheeling with the dollars in December. Average Americans also take it upon themselves to play "Big Daddy" and "Big Momma" as the holiday season gets in full swing. I've always suspected this; now I have some empirical proof.
A new study out from Liberty Mutual, called the
Liberty Mutual Responsibility Project Survey, shows that most Americans get tip-happy (and spend-happy) during this time of year.
Who gets tips? According to the survey, lots of people, including:
-Teachers (55%)
-Babysitters (41%)
-the Gardner (41%)
-the Housekeeper(41%)
-the Hair stylist (41%)
-the Mail carrier (41%)
-and Pet sitters too (23%)
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President Barack Obama and First Lady Michelle Obama, with daughters Sasha and Malia, take part in the conclusion of a Christmas In Washington celebration, with entertainers (L-R) Mariah Carey, Ellen DeGeneres and Maxwell, December 12, 2010 at the Building Museum in Washington, DC.
Photo by Mike Theiler-Pool/Getty Images
AP
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First Lady Michelle Obama (C) arrives with her dog Bo (R) and Santa Claus for a reading of the book "The Night Before Christmas" to patients at the Children's National Medical Center December 13, 2010 in Washington, DC. Visiting the center is a tradition for first ladies dating back to Bess Truman, wife of former president Harry Truman.
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First lady Michelle Obama thanks U.S. Marine Corps Reserve members after sorting toys for the Toys For Tots program at Joint Base Anacostia-Bolling December 17, 2010 in Washington, DC. With nine days until Christmas, Obama joined about a dozen marines in sorting some of the 100,000 toys that have been donated to children in need in the Washington, DC, area.
Recent Obama Photos
First lady Michelle Obama (C) helps sort toys donated to the U.S. Marine Corps Reserve Toys For Tots program at Joint Base Anacostia-Bolling December 17, 2010 in Washington, DC. With nine days until Christmas, Obama joined about a dozen Marines in sorting some of the 100,000 toys that have been donated to children in need in the Washington, DC, area.
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First lady Michelle Obama (C) delivers bags of toys donated by White House staff members with the help of U.S. Marine Staff Sergeant Eugene Sharpe (L) of Dublin, Georgia, and First Sergeant Bobby Clark at the U.S. Marine Corps Reserve Toys For Tots distribution center at Joint Base Anacostia-Bolling December 17, 2010 in Washington, DC. With nine days until Christmas, Obama joined about a dozen Marines in sorting some of the 100,000 toys that have been donated to children in need in the Washington, DC, area.
Recent Obama Photos
President Barack Obama and First Lady Michelle Obama, with daughters Sasha and Malia, take part in the conclusion of a Christmas In Washington celebration, with entertainers (L-R) Mariah Carey, Ellen DeGeneres and Maxwell, December 12, 2010 at the Building Museum in Washington, DC.
Recent Obama Photos
Malia Obama (C) reacts as she stands on stage with her father US President Barack Obama (2nd L) and First Lady Michelle Obama (L) during Christmas in Washington, a charitable fundraiser and musical celebration of the holidays, at the National Building Museum in Washington, DC, December 12, 2010.
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First Lady Michelle Obama (C) picks up Megan Maurano as US President Barack Obama (3rd L) poses with children dressed as Santa's elves, his mohter-in-law Marian Robinson (R) and his two daughters Malia (L) and Sasha (2nd L) watch during a reception for Christmas in Washington, a charitable fundraiser and musical celebration of the holidays, at the National Building Museum in Washington, DC, December 12, 2010.
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President Barack Obama reads his children's book, "Of Thee I Sing: A Letter to My Daughters," to students at Long Branch Elementary School in Arlington, Virginia, December 17, 2010. Obama also read the popular book, "Twas the Night Before Christmas," in a surprise visit to the suburban Washington elementary school.
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President Barack Obama, joined by his family including First Lady Michelle Obama, daughters Sasha and Malia, and mother-in-law Marian Robinson, react as they push a button to light the National Christmas Tree during a ceremony on the Ellipse near the White House in Washington, DC, December 9, 2010.
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The National Christmas tree is lit by US President Barack Obama on the Ellipse in Washington on December 9, 2010.
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Moreover, when we're not tipping someone during the holidays, chances are we're thinking about for whom we'll buy gifts. The Liberty Mutual survey found that:
-57% of Americans will gift their co-workers
-42% of Americans will gift their boss
-31% of Americans will gift direct reports at work-
37% will gift their Pastor, Priest, or Rabbi
And even though 71% of Americans say it's important to set an agreed-upon spending limit for gifts between family members or friends, 35% of Americans have nonetheless spent beyond their financial means when buying gifts, the survey revealed.
All of this, of course, suggests that we should think more carefully about how we're doling out our dollars. A $5, $10, or $20 tip here or there might not seem like an awful lot, but if you keep tipping like that long enough -- in addition to spending money you may not have - all those dollars will really add up. Just ask M.C. Hammer and other celebrities who've gone bankrupt from over-spending.
Tipping and even showing generosity in gift-giving is fine, of course: if you have the means and the desire to do so, and if you know when enough is enough. But if you tip yourself or spend your way into being broke, then that's just showboating and foolishness.
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller
'Zero Debt: The Ultimate Guide to Financial Freedom.'
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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'