Financial Professional Steve Sexton Keeps Spirits Bright with Best Practices for Managing Holiday Expenses
SAN DIEGO, December 9, 2019 (Newswire.com) - ‘Tis the season for gift buying, hosting, and expensive décor. According to the American Psychological Association, finances are one of the top four stressors during the holiday season. In fact, it was recently revealed 61 percent of Americans are actually “dreading” the holidays due to financial stress. To help ease some of that stress, Steve Sexton, founder of the Southern California independent financial services company Sexton Advisory Group, is sharing his top four hacks to avoid holiday financial stress.
“With all of the extra spending involved during the holidays, it’s easy to rack up some serious debt – and all of the stress that comes with it,” says Sexton. “Thankfully, there are smart ways you can minimize stress during the holidays and avoid the New Year debt hangover.”
1. Set your budget and stick to it.
A holiday budget should include all expected and potential expenses that may come up during the season, including travel, extra expenses if hosting family at home, and of course, gifts. It helps to list out who you will be buying gifts for in advance. Additionally, it’s important to a budget based on what can be paid for in cash when the credit card bills come to avoid debt when the holidays are over.
2. Have an open conversation with family and extended family.
Everyone’s budget is different. Some people might be aiming their savings towards retirement, saving for college or other valuable goals. Take the blame and shame out of the holidays by having the crucial and perhaps uncomfortable conversations with other family members to set expectations that are more reasonable.
3. Take advantage of credit card benefits.
It is always better to earn interest than pay interest. However, there are many many undervalued credit card benefits to take advantage of this holiday season. Many credit cards also come with price protection on purchases, which allow consumers to get money back if an item goes on sale shortly after it has been purchased. Around this time of year, many credit cards also come with lucrative offers, including gift card rewards and airline miles just for signing up or signing up at the time of purchase. These offers can help some people stick to their budget, provided they have set aside the cash to pay off the cards once the bill comes. If already enrolled in a rewards program, this is a good time to redeem any points before they expire by the end of the year.
4. Cut back on non-essential expenses.
Now is a good time to evaluate any non-essential expenses that may add up, like daily visits to Starbucks, which can cost upwards of $200 each month! It’s also worth checking bank statements for any subscription or paid services not currently in use, like a subscription meal service, wine club membership, underused online streaming packages, or a fitness app that can be canceled or put on hold.
By implementing these smart, stress-reducing holiday financial hacks, the season can truly live up to its reputation as the “most wonderful time of the year.”
To learn more, please visit https://www.sextonadvisorygroup.com
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Source: Sexton Advisory Group