CHARLOTTE, N.C. (QC Life) - The holidays will be here before you know it! And before you start crossing names off your shopping lists, our QC Life team wants to talk about things you can do to get your bank account ready.
Mark Henry with Alloy Wealth Management talks to QC Life’s Mary King to make sure we’re getting the most bang for our buck this holiday season.
Here are some of the tips and advice when you start planning to shop during this holiday season:
Have a Spending Plan
- To avoid the anxiety of finding the perfect gift in a year filled with inflation issues, you and your wallet will be better off if you create a spending plan.
- Don’t risk post-holiday spending regret! Map out how much money you can afford to spend and stick to that amount.
- Don’t forget to budget for the extras, like shipping, wrapping paper and holiday decorations.
Map Out Your Purchases
- Be as detailed as possible. List each person you need to buy gifts for and how much you want to spend on them.
- Starting early will give you more time to spread out your spending and avoid expensive last-minute shopping.
- Keeping tabs on the items that you want to gift and monitoring prices will help you get the best deal.
Leave Your Savings Alone
- As the dollars start piling up, resist the temptation to dip into your savings to pay for holiday gifts.
- If possible, I recommend putting money dedicated to holiday spending in a separate account, keeping it away from your everyday finances.
- When you head out to the stores, only take the cash you have set aside for the gifts on your list.
Don’t Forget About You
- You may have presents picked out for your family and friends, but there’s probably someone you forgot: YOU!
- We’re not talking about a new TV or home gym. Instead, commit to your financial future by setting money aside to replenish your emergency fund or pay off debt.
- Debt is one of the biggest things holding people back from saving more and enjoying a worry-free retirement.
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