Holiday Spending and Savings Tips
CONTRIBUTIONS DONE BY JUSTIN MARTZ & JW RAYHONS
Holiday spending is a real thing. Many of us begin holiday shopping around now and begin to grow credit card debit of the next month and a half. As a matter of fact, analysts are expecting this year/s sales to rise 8.5% to 10.5% over 2020 spending. That adds up to 843 to 859 billion in sales. And although the holidays are supposed to be joyous times in life and it feels good to give gifts to others it turns out to be a time of high stress.
According to Bankrate.com, “More than 6 out of 10 people told Bankrate they feel pressure to overspend on either presents, travel, social outings or charitable donations during the holiday season…” And “About half (51 percent) of survey respondents told Bankrate they feel pressure to spend more than they are comfortable with on gifts during the holidays.”
So, is there a way to still enjoy the holidays, to give present and to not be stressed out about it? Yes! Following just a few principles when it comes to holiday spending will help you enjoy the holidays more without the pain of overspending.
First, create a budget
What can you afford to spend? The smartest thing to do is to set this early in the year or make a goal that you stick with year over year. The earlier you come up with an amount then you can save for the holidays. If you can be disciplined enough to create a budget, save for it and stick to then the less stressed you will be.
Second, shop early and look for deals
A unique stressor this year is the time it takes for some items to ship. Being proactive with your budget and your lists, looking for deals early and giving yourself time to get your gifts.
Third, spread out your spending
Instead of having one “shopping day” in which you are determined to buy everything. Spread it out. Know what you want to get and how much your spending and then look for sales. Again, this means starting early and knowing your budget.
The holidays don’t have to be a source of stress
You can have a joyous holiday while being able to give presents to your loved ones. Creating an ongoing financial plan that will help you with your future holiday shopping is something we would love to help you with here at Rayhons! Let us help you take the stress out of holiday shopping so you can enjoy life that much more!
If you are looking for a financial advisor team focused on your unique financial situation, communicates openly, and that puts you and your goals at the center of the relationship, call us at (480) 507-2425 or contact us online. We’d love to meet you.
The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.