BUDGETING DURING THE HOLIDAY SEASON

How to survive the holidays without completely breaking the bank!

We love all the magic of the holiday season, but not so much the financial stress that it can bring as we are trying to do it all. Between gifts, decorations, and travel expenses, it's easy to get carried away and overspend - leaving you trying to clean up the credit card mess in January (happy new year). But, with a little bit of planning and discipline it really is possible to enjoy the holidays without breaking the bank.

Here are some top tips for staying stress free during the Christmas season.

TIP #1 - HAVE A CHRISTMAS SINKING FUND

This is the ultimate guide to financial freedom during the holidays! However, it would have involved some pre-planning so if you don’t have this setup for this year pretty please make a commitment to do this next year. You'll thank me.

TIP #2 - CREATE A BUDGET

BEFORE you start shopping, decide on a budget for each person on your gift list. Stick to this budget as closely as possible, and don't be tempted to overspend on impulse purchases.

TIP #3 - MAKE A LIST

Make a list of everything you need to buy, including gifts, decorations, and food. This will help you stay organized and avoid overspending on unnecessary items. Also earmark a few that you'd be willing to skip if the budget runs too tight.

TIP #4 - START EARLY & LOOK FOR DEALS

Take advantage of sales and discounts to save money on gifts and other holiday items - Black Friday and Cyber Monday are your friends (just avoid being tempted to buy the random things for yourself that aren't on your list).

TIP #5 - FIND A WAY TO GIVE BACK

We can get so focused on ourselves & our families, that we can miss the true gift that can come with the holidays - helping someone in need. There are so many organizations that you can find that help people who are less fortunate during the holiday season.

It really is possible to enjoy the holiday season without adding the financial burden - it just takes some practice!

Happy Thanksgiving & Merry Christmas!!

Lauren

This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Past performance is no guarantee of future results.

There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.

This material was prepared by LPL Financial, LLC.