8 Tips To Control Your Holiday Spending

The upcoming winter holidays, which run from Thanksgiving to Christmas, and include Black Friday and CyberMonday, dwarfs all the rest.

Consumers plan to spend $1,047.83, up 4% from last year’s plan. Shoppers between ages 35-44 years will spend $1,158.63 this year, according to NRF.

Given the approaching festivities, it is time for a sound financial plan to spend wisely, make end of year investing decisions and have fun.

Have A Plan For Reducing Debt

The holiday times are often stressful. Often that tension is caused by the realization that you will be spending a lot during this time of year. You are not alone.

Pay more than the minimum amount owed and work your way toward paying your balances in full every month. Use a budget to keep your spending from going out of control.

Feeling good while shopping makes it hard to resist impulsive purchases. So need to work harder to avoid that feeling. Recognize that not all sales are true bargains and that it is just a sign with the word “sale” on it.

Be A Savvy Shopper

If you know you will overspend if you use your credit cards, try using cash. It is a good way to keep track of your money for smaller purchases. You will feel pain more immediately and often are more judicious about your purchases.

Use More Cash

Year-End Tax Strategies For Your Portfolio

While your mind may be on the upcoming holiday season, this time of year is a good time to consider how to efficiently structure your capital gains and losses in your portfolio.

By timing your stock sales correctly, you can lessen your tax burden. If you have some stocks with long term losses, it is a good idea to match the capital losses against your capital gains.

Swipe Up To Read More