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Health & Fitness

Holiday Spending: Plan Ahead for a More Joyous Holiday Season

Holiday Spending: Plan Ahead for a More Joyous Holiday Season

Provided by RBC Wealth Management and Eric St. Martin

Last year you likely spent more on holiday gifts than at any point since before the 2008 economic downturn. And you're likely one of the millions that noticed the dent in your pocketbook while you played catch up well into spring. According to the National Retail Federation, you're going to spend just as much or more this coming holiday season.  

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Follow these steps to plan for your spending spree before you even put the lights out on the house to help relieve holiday stress before it starts. 

Setting Your Initial Budget: This easy step could save you hundreds of dollars, credit woes and hours of maneuvering crowds at the mall. Start with a list of everyone you plan on buying for and set an approximate dollar amount for each. Create a gift wish list. Research each product online for pricing. Set your initial total budget. 

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Prioritize: Look over that list of names again - does everyone need a gift? Consider where cutoffs might need to be made. Immediate family? Yes. Second cousins? Would a card do? Start to prioritize gifts based on affordability and satisfaction. Perhaps Johnny gets the big item on his list this year but the last three items are saved for his birthday. 

Look for deals: It's no secret that retailers are scrambling for your business. Black Friday-like savings can be found throughout the holiday season. Having already comparison shopped online, you know the price range for your gifts. Now watch for free shipping deals, coupons and more. Often times you can save money and headaches and you've never left the house. 

Give back: Families who commit a portion of their holiday spending to helping those less fortunate often feel more satisfied around the holidays, while teaching young ones the value of helping others. Organizations like churches, professional social work groups and food pantries offer “adopt-a-family” opportunities over the holidays where a little money can go a long way towards turning another family's holiday from grim to joy. 

Revisit Your Budget and Understand Your Financial Situation: 

Now that you've gone through these steps, chances are you've trimmed even more money off your final budget. However, as with any large expense, the more you understand your financial situation the better. Contact your financial advisor to better plan for the holidays and provide yourself another safeguard from holiday stress. 

Following these tips can bring you more joy and truly make it a happy holiday season. 

This article is provided by Eric St. Martin, a Senior Financial Associate at RBC Wealth Management in Stillwater, MN. The information included in this article is not intended to be used as the primary basis for making investment decisions. RBC Wealth Management does not endorse this organization or publication. Consult your investment professional for additional information and guidance.  For additional information, please visit www.neumanwmgroup.com or call 651-430-5535.

RBC Wealth Management, a division of RBC Capital Markets LLC, Member NYSE/FINRA/SIPC

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