Merry Christmas! Yes, we said Christmas – believe it or not it is time to get your finances ready for holiday madness! Paul Fain, Certified Financial Planner and President of Asset Planning Corporation, shares some money tips to prepare us for the holiday season.
YOU CAN NEVER START EARLY ENOUGH WITH HOLIDAY PLANNING, CAN YOU?
- Being prepared = less stress
- Lack of planning = busted budgets
- Busted budgets = credit card spending
DO MOST PEOPLE CREATE A BUDGET FOR THE HOLIDAYS?
No, but it is a great idea to set up a budget for gift giving.
- Set aside holiday cash asap.
- Make a Naughty or Nice shopping list. Who? How Much?
- Inventory your gift closet.
- Plan your travel – the farther ahead you plan (especially with airfare and hotels), the better deals you might get.
A LITTLE PRE-PLANNING CAN CREATE A LOT OF HOLIDAY JOY – REALLY!
- Without being rushed you can be creative (such as making gifts) and plan experiences, control debt, and enjoy family and friends.
- Saving money before the holidays can help you relieve stress after the holiday season (January, February)
FAST MARKET FACT: Average Holiday Spending
- The typical American family in 2018 spent an average of $1,007 during the winter shopping season
- In total Americans spent $720 billion on gifts, decor, and travel in 2018
QUESTION FOR OUR MONEYMAN?
Want to learn more about spending and saving money this shopping season? Do you have other general questions about financial planning? Send them to our Knoxville Certified financial planner Paul Fain or directly to Paul@assetplanningcorp.com!