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How to Spend Wisely During the Holidays


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December 17, 2023

The holiday season can be a stressful time for many, especially when it comes to managing your finances. With so many expenses, it can be easy to overspend and end up with a pile of debt in the new year.

Here are some tips on spending wisely during the holiday season.

1. Set a budget

The first and most important step to managing your holiday spending is to set a budget. Take a look at your finances and determine how much you can realistically spend without putting yourself in a financial strain. This includes not only gifts, but also expenses such as decorations, travel, and hosting parties. Once you have a budget in mind, stick to it! This will prevent overspending and keep your finances in check.

2. Make a list and check it twice

Before heading out to do your holiday shopping, make a list of who you need to buy gifts for. This will help you stay organized and avoid any last-minute impulse buys. It's also a good idea to set a spending limit for each person on your list to avoid overspending. And remember, the holidays are not just about gift giving - meaningful experiences and thoughtful gestures can be more valuable than an expensive present.

3. Take advantage of deals and discounts

The holiday season is full of sales and discounts, so be sure to take advantage of them! Do your research and compare prices before making a purchase. This will not only help you save money but also ensure you're getting the best deal. Additionally, consider using coupons, cashback apps, and loyalty programs to save even more money.

4. DIY gifts and decorations

Instead of buying expensive gifts, consider making some DIY presents and decorations. This not only shows your loved ones that you put in time and effort, but it can also save you a significant amount of money. Get creative and think outside the box - homemade gifts can be just as thoughtful and meaningful.

5. Don't rely on credit cards

It can be tempting to rely on credit cards during the holidays, especially when there are so many deals and expenses. However, this can quickly lead to debt and high-interest rates in the new year. Stick to your budget and only use your credit card if you have the means to pay it off in full.

6. Plan ahead for next year

The holiday season often comes around quicker than we expect, so start planning and saving for next year now. Set up a separate savings account specifically for holiday expenses and contribute to it throughout the year. This will alleviate some of the financial burden and stress during the holiday season.

The holiday season should be a time of joy and celebration, not a financial burden. By following these tips and making conscious decisions with your spending, you can enjoy the holiday season without breaking the bank. Remember that your financial health is just as important as your physical and mental well-being, so don't neglect it during this festive time. Wishing you a happy and financially responsible holiday season!

If you would like to receive more information on making smart money moves for your future, be sure to contact us today!


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About the author

NouaChi Vang Headshot

NouaChi Vang

Vice President, Private CFO®

I grew up in California. My family moved to North Carolina where I attended UNCC and obtained a degree in Economics. I received my MBA from University of Phoenix and studied for my CFP certification with Boston University. I am married, have 4 kids, and currently living in Minnesota. I enjoy spending time with my family, hiking, playing chess, tennis and singing karaoke.

Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. Investor Disclosures: https://bit.ly/KF-Disclosures

The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra Investment Services, LLC or Kestra Advisory Services, LLC. This is for general information only and is not intended to provide specific investment advice or recommendations for any individual. It is suggested that you consult your financial professional, attorney, or tax advisor with regard to your individual situation.

Background and qualification information is available at FINRA's BrokerCheck website.

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

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Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. oXYGen Financial is not affiliated with Kestra IS or Kestra AS. Kestra IS and Kestra AS do not provide tax or legal advice. https://Bit.ly/KF-Disclosures

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