Enjoying the holiday season
does not necessarily mean spending a small fortune, racking up debt and
spending the next two to three years trying to pay off the gifts. Instead of
making the season a financial mess, it is important to plan for the expenses
and avoid the financial challenges. Working with an investment
advisor to ensure the season doesn’t throw off the retirement plan is
only part of making the season a budget friendly event.
Create a
Budget
The holiday season is not the
time to give up budget planning. According to Dave Ramsey, a budget is a
necessary tool to staying on track financially throughout the next year.
Working with a financial advisor to create a plan that works
with personal finances, family members and the plan for the holiday season will
make it easier to stay on track financially.
A budget should organize
spending throughout the season based on the greeting cards, travel, food,
parties and other events that can throw off the finances. Setting aside a set
amount for necessities, gifts and other items will help reduce the risk of
going into debt.
Start
Saving for the Season Early
Saving is always the best way
to plan for the holiday season. An investment advisor can help
create a plan throughout the year that puts aside extra cash for the holidays,
which is then available when the winter season rolls around.
Although it is important to
begin saving from the beginning of the year, setting aside extra money
throughout the months of November and December will provide a little extra
cushion. The financially smart way to handle the holiday season is paying for
gifts without going into debt. A financial advisor can help
create a savings plan for extra cash to make the holidays special.
Put the
Credit Cards Away
Dave Ramsey suggests that it is
never a good idea to pay for holiday gifts on credit. Instead of going to the
store with a wallet or purse full of cards, remove all of the cards and replace
it with cash. Paying with cash will not only keep the budget on track
throughout the season, it will also make it easier to avoid adding extra debt
to the account.
It is tempting to pay for
gifts, food and decorations with a credit card, but putting off the expense
will only make the season more costly. Spending the money that was saved for
the holiday season will prevent large amounts of debt and ensure that the
budget stays on track.
Write a
Shopping List
Before heading to the store,
write out a shopping list and a plan of action to avoid unexpected impulse
spending. During the holiday season, it is tempting to buy little extras on the
way out of a store. By following a shopping list and creating a plan before
entering the mall, store or shopping center, the risk of impulse spending is
reduced.
Warm
Hearts with Simple Gifts
The holiday season is about
giving, but it does not necessarily mean going into debt or creating a
financial burden for the next year. Working with an investment
advisor to create a savings plan should work in a little extra for
simple gifts.
The simple gifts, such as a
greeting card or a cup of hot chocolate, are a great way to warm up others
during the holiday season. Giving a greeting card to a stranger and wishing him
or her a happy holiday will remind others about the joy of the season.
The holiday season is not the
time to break away from the financial plan. By working with an investment
advisor to create a budget that will not impact financial goals, it is
possible to make the season a happy and stress-free time.
Investments For You, Inc.
1040 N Maple St
Marysville, Oh 43040
(937) 644-1661
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