When it comes to holiday spending, you truly need to make a list and check it twice! How can you avoid financial stress during the holiday season? Paul Fain, president of Asset Planning Corporation recently appeared on WBIR with some holiday spending tips for your money.
PAUL I’M SURE THAT HOLIDAY SPENDING DESTROYS MANY WELL-INTENTIONED BUDGETS, TRUE?
So true – according to the National Retail Foundation, the typical family will spend about $935.58 over the holidays. If you don’t have a holiday spending plan – guess what? It winds up on a credit card and you have a debt hangover until next May.
WHAT ARE THE BEST STRATEGIES TO ENJOY THE HOLIDAYS AND TO AVOID FINANCIAL STRESS?
- Set aside some shopping funds ASAP! Tighten up quickly. Set aside some of your next paycheck or existing savings.
- Create a budget: how much can you really afford to spend?
AND WE WEREN’T KIDDING, IT IS IMPORTANT TO MAKE A LIST ISN’T IT?
Yes. Create a list of WHO you are going to buy for and HOW MUCH you are budgeting to spend.
TECHNICALLY, IF YOU ARE JUST GETTING STARTED NOW, YOU ARE LATE…
- Ideally, start your holiday spending plan in January! Or by August at the latest.
- Open a “Christmas Club” savings account at your bank or credit union.
- Make automatic deposits from your paychecks.
- Create a gift closet and add to it from year-round sales.