Holiday Cheer meets Financial Fear

Wednesday, December 3rd, 2008 by Charles Mayfield, CFP®

holiday-cheer-meets-financial-fear

                                           

What better time than now to remind our friends and clients about the age-old practice of a sticking to a budget?  We should always strive to call on life’s challenges to help grow and nurture ourselves personally, professionally & certainly financially.  If you are like me, you wait until the last few weeks of the year to get all that holiday shopping in.  Sometimes I manage to find a perfect gift for a loved one during the year.  However, most of my shopping for Christmas gets done in a matter of a few days between Thanksgiving and Christmas.

What a great opportunity to exercise financial responsibility.   Develop and stick to a budget for your Holiday shopping.  You can make a basic list of gifts for family/friends or go overboard and include every last expense you can imagine (tree, candles, gift wrapping, holiday party food).  Make the budget as elaborate or simple as you want.  The point is to develop the budget and stick to it.

This is an incredibly powerful exercise to do with your spouse or even grown children.   This economy gives us all the perfect excuse.  Even if you aren’t tightening your belt in these economic times, it never hurts to budget.  Who knows, you may even learn something new from the process.

                                      

Have a safe and very happy holiday season!

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