Q4 Financial Planning: Strategies for Year-End Success
It’s Financial Planning Month!!
End the Year Financially Strong: Financial Planning Month and Holiday Spending Tips
As we approach the end of the year, October marks a special occasion – Financial Planning Month. It's the perfect time to evaluate your financial progress, set new goals, and ensure you're on the right track for a solid finish to the year.
Your financial plan is the holistic approach to your money and encompasses everything from your income and money management to your estate plans and investments and everything in between.
In this week’s episode, learn what a financial plan entails and how YOU’RE most qualified to create the plan!
Holiday Spending without Regret
The holiday season is fast approaching and is notorious for impacting our wallets. According to a collaborative study by LendingClub**, 66% of consumers report that the most financially stressful months of the year are November, December, and January. The financial burden of holiday shopping and regularly occurring bills and expenses can take a toll on your wallet and stress levels. But fear not; enjoying the festivities without accumulating unnecessary debt is possible.
Here are some holiday spending tips to keep your finances in check:
Create a Holiday Budget. Determine how much you can comfortably spend without straining your finances. Remember to account for gifts, decorations, travel, events/parties, and other holiday-related expenses.
Make a Gift List. Plan your gift-giving strategy by making a list of recipients and gift ideas. Stick to this list to avoid impulse spending. So, make your list and check it twice.
Avoid Overusing Credit. While credit cards and buy now, pay later options can offer convenience, avoid using them excessively. Try to pay with cash or debit when possible to avoid creating financial messes your future self will have to pay for.
Financial Planning Month is an excellent reminder that wise financial decisions today set the stage for a prosperous future. As you navigate holiday spending, keep your long-term financial goals in mind. A thoughtful approach to spending during the holidays can prevent post-holiday financial stress and start the new year off on a positive note.
Take the time to review your financial plan, make any necessary adjustments, and commit to sound financial decisions this holiday season. By doing so, you'll end the year on a good note and set the tone for a bright financial future in the year ahead.
Listen to the full episode here:
LendingClub survey and summary: https://www.pymnts.com/study/reality-check-paycheck-to-paycheck-seasonal-consumer-spending-financial-stress/
