Zenith Wealth Partners

Playing Santa is Expensive

Alli Masoero, CFP® – Zenith Lead Financial Planner 
Not Rich, Yet: A blog talking about finance in a way you’ll actually understand. 

The winter holidays are all about spending time with your family and friends to show appreciation to those you love. Despite this timeless truth, the main struggle many of my clients experience during the holiday season is overspending. 

According to LendingTree, 36% of consumers go into credit card debt during the holiday season and 82% of those consumers rack up a bill that can’t be paid off within a month¹. 

You need decorations, food, presents…the list goes on and on. It’s a lot to handle, but this year you’re going to come out on top!

Step One: Write a list of who you want to buy presents for and all the decorations, food, etc. you will need.. This will be your holiday roadmap! 

Step Two: Create a number that you can comfortably stick to. Take advantage of black friday deals, holiday sales, coupons and credit card points to stick to your budget. It’s not worth getting everybody what they want if you rack up credit card debt doing so.

Step Three: BigThink writes “Giving gifts results in longer happiness from the act. We can sustain the pleasure of a new experience every time we give to others.”² You can save a lot of money if you focus more on the giving act itself and not how much it is.

Holiday season shopping can be complicated, but if you plan ahead, you’ll be amazed how quickly things can fall into place. 

Think about holiday shopping much like our financial planning process: create your goals, outline your spending, and create a plan of action. Keep all of these ideas in mind, and you’ll be on the right track. 

Good luck with the gift hunting, and happy holidays!

1 https://www.lendingtree.com/personal/holiday-debt-survey/

2 https://bigthink.com/neuropsych/why-its-better-to-give-gifts-than-to-receive-according-to-science/

All written content is for information purposes only. Opinions expressed herein are solely those of Zenith, unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to another parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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