Gobbling Up Good Financial Habits
Holidays are all about spreading cheer and giving, but sometimes people tend to go a bit overboard, which can later result in financial stress. According to a survey conducted by Country Financial, 32% of folks feel the most financial pressure during the holiday season.1 Here are some ways to practice good financial habits this holiday season, in order to reduce spending stress.
Create a Budget: Start by setting a clear budget for your holiday spending. List all the expenses you anticipate, including gifts, decorations, travel, and food. According to credit bureau TransUnion, the average credit card debt per household rose to $5,805 by the end of 2022.2 Having a budget will help you stay on track and avoid overspending.
Make a Gift List: Rather than buying gifts on impulse, make a list of the people you want to buy gifts for and brainstorm thoughtful, budget-friendly gift ideas for each person. This prevents overspending on last-minute purchases.
Shop Smart: Look for sales, discounts, and deals both in physical stores and online. Take advantage of Black Friday, Cyber Monday, and other holiday sales events. According to the National Retail Federation (NRF), the average amount Americans planned to spend on gifts, food, and decorations in the 2022 holiday season, was $832.84.3 Consider using cashback and coupon apps to save even more.
DIY and Handmade Gifts: Get creative and make some of your gifts or decorations. Handmade gifts often have a personal touch and can be more meaningful than store-bought items. Plus, they can save you money.
Plan Your Travel Early: If you're traveling during the holidays, book your flights or accommodations well in advance to secure lower prices. Be flexible with your travel dates, if possible, as this can lead to significant savings.
Sources:
1 https://www.countryfinancial.com/en/about-us/newsroom/waiting-for-a-holiday-miracle-santa-needs-to-leave-nearly-60k.html
2 https://www.investopedia.com/financial-edge/1109/6-reasons-why-you-need-a-budget.aspx
3 https://www.investopedia.com/articles/pf/08/speding-holiday.asp
Return to Participant Insights
For more information, Contact MCF today!
Hunter Nighbert
Financial Advisor
hnighbert@mcfadvisors.com
859-967-0990
Schedule a meeting
IMPORTANT DISCLOSURE INFORMATION
MCF Advisors, LLC (“MCF”) is a SEC registered investment adviser. Registration as an investment adviser does not imply a certain level of skill or training. The oral and written communications of an adviser provide you with information about which you determine to hire or retain an adviser. More information about the adviser can also be found by visiting: https://adviserinfo.sec.gov/firm/summary/130372. The above commentary is for informational purposes only. Information prepared from third-party sources is believed to be reliable though its accuracy is not guaranteed. This is not intended as an offer or solicitation with respect to the purchase or sale of any security. MCF may only transact business in those states in which it is registered, or qualifies for an exemption or exclusion from registration requirements. Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment, investment strategy, or product (including the investments and/or investment strategies recommended or undertaken by MCF), or any non-investment related content, made reference to directly or indirectly in this blog/newsletter will be profitable, equal any corresponding indicated historical performance level(s), be suitable for your portfolio or individual situation, or prove successful. Due to various factors, including changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions or positions. Moreover, you should not assume that any discussion or information contained in this blog/newsletter serves as the receipt of, or as a substitute for, personalized investment advice from MCF. To the extent that a reader has any questions regarding the applicability of any specific issue discussed above to his/her individual situation, he/she is encouraged to consult with the professional advisor of his/her choosing. MCF is neither a law firm nor a certified public accounting firm and no portion of this content should be construed as legal or accounting advice. A copy of MCF’s current written disclosure statement and customer relationship summary (“Form CRS”) discussing our advisory services and fees continues to remain available upon request. The scope of the services to be provided depends upon the needs of the client and the terms of the engagement. If you are a MCF client, please remember to contact MCF, in writing, if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services.