Tips for smart holiday spending
By Lis McNealey Spaine, CDFA®
Owner, Financial Advisor
This year has been filled with the unexpected but don't let that stop you from being prepared for the holiday season. Financially speaking, there are a few ways to plan ahead to make the most out of your spending and potentially reap the benefits of this gift-giving time of year!
Prepare your list and check it twice to make sure you're set up for making your holiday financially wise with these tips.
Create a Holiday Gift List
It can be easy to get carried away with holiday spending, especially with online shopping being as easy as the click of the button. Creating a list of those you are planning to buy for is helpful. You can choose maximums for each person on your list to help you stay in range of your total budget.
Create a Holiday Budget
There are no firm rules for how much you should spend during the holiday season but it should align with an amount you can reasonably afford and should not entail incurring debt, once the holidays are over. Once you have a budget in place, it will help you with decision making.
Shop the Sales
Before you impulse buy something, do a quick online search to see if the product has coupon codes or is on sale at another retailer. You may be surprised how much you can save with a few extra minutes of effort.
Give to Charity
If you’ve had a financially strong year and want to share the wealth with your favorite charity, a significant gift may also provide you with a significant tax break. A donor-advised fund is one way to maximize this benefit.
Your holiday spending should be something you plan for in your budget each year. This can help make the holidays less stressful and more joy filled. If you need help deciding how much to spend on your naughty and nice list this year or setting up a donor-advised fund, give our team a call!
Lis McNealey Spaine is owner of The Arlington Group Investment Consulting. A true leader in the female focused financial advisory niche, Lis builds upon the group's strong foundation and core offerings to drive growth and champion the group as an emerging advisory company in the divorce, widowed and life transition niches. As a previous divorcee and mom to three wonderful daughters, Lis understands firsthand the importance of financial confidence.
Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN), Member SIPC. The Arlington Group Investment Consulting, LLC is a separate entity from WFAFN.The use of the CDFA® designation does not permit Wells Fargo Advisors or its Financial Advisors to provide legal advice, nor is it meant to imply that the firm or its associates are acting as experts in this field.