I was going to start the New Year by writing a column on rebalancing our financial priorities. Consider this a variation on the theme.

This past week we witnessed a horrific tragedy created by the tsunami in Asia. The devastation and destruction are beyond comprehension. Hundreds of villages and towns have been obliterated.

As I write this, the death toll has surpassed an unfathomable 130,000 – many of them children. Not only have families lost their loved ones, but they have also lost virtually every material possession -- their homes, clothing, savings -- everything.

One expert from World Vision -- an international relief organization -- said this will be the largest human disaster in our life time. He said it will be weeks, maybe months before we know the true impact of this tragedy.

People in Sri Lanka have been hit the hardest. They desperately need clothes, food, water, shelter, and medicine. Story after story tells of parents pleading for food and water to give their children. It is estimated that 2 million people in Sri Lanka are now homeless. That’s roughly the population of Nevada.

Here in the United States, we just participated in the most excessive consumer orgy on the planet. According to the National Retail Federation, Americans spent upwards of $220 billion this holiday season, much of it on wants-- like trendy electronic gadgets -- not needs.

The cost of an Xbox (approximately $200) can feed and clothe dozens of people who are suffering from this tragedy.

In the past I have talked about the importance of establishing positive money memories for children -- events they can look back on in 20 years and in turn have a positive association with a financial choice they made.

I urge you to create a positive money memory by making a family contribution to help the people impacted by this tragedy.

Transform the holiday gift extravaganza into a lesson on gratitude. Look no further than unused gifts lying around that can be transformed into food, clothing, and medicine.

Challenge everybody in the family to pick one or two presents with a gift receipt still attached. Make a trip to the store where they were purchased and ask for a refund. Pool the family proceeds and send a check to a relief organization.

And if that isn’t an option, ask every family member to make a contribution from their own funds.

What would you do if you lost every material item you own -- including your life savings?

Look around your home and do a quick inventory of your possessions. Then have a discussion as a family about the difference between needs and wants.

The Money Talks question is designed to build on the Share-Save-Spend tip for the week and can be used as a springboard for additional conversations with family and friends.

Mall Madness is a new board game from Hasbro. It has an electronic talking game board that leads players through a shopping spree, complete with clearance sales and emergency trips to the ATM. The winner is the first to round up all the items on a designated shopping list. For ages 9 and up.

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