Budgeting Tips for the 2023 Holiday Season: Expert Advice from Financial Advisor Devin Herenda
As the holiday season approaches, many people are starting to think about their budgets and how to manage their money effectively. Redding Financial Advisor Stacy Pohlmeyer, of Edward Jones, has shared some valuable tips to help individuals navigate their finances during the 2023 holiday season.
One key piece of advice from Pohlmeyer is to choose a budgeting plan that works for you. She recommends following the 50/30/20 rule, which allocates 50% of your income to needs, 30% to wants, and 20% to savings and debt repayment. By sticking to this plan, you can ensure that you are prioritizing your financial goals while still enjoying the holiday season.
Another important tip is to start a holiday savings account early in the year. By setting aside a portion of your income each month, you can build up a fund specifically for holiday expenses. This can help prevent overspending and alleviate financial stress during the holiday season.
Pohlmeyer also emphasizes the importance of being responsible when using credit cards. If you choose to use credit for holiday purchases, make sure to pay off your balance in full and on time to avoid accruing interest and debt.
Additionally, Pohlmeyer suggests analyzing your spending from previous holiday seasons to help guide your budgeting decisions for this year. By understanding where your money went in the past, you can make more informed choices about how to allocate your funds this holiday season.
Lastly, Pohlmeyer recommends partnering up with a budget buddy to help hold yourself accountable for your financial decisions. Whether it’s a spouse, sibling, or friend, having someone to support you in your budgeting goals can make a big difference in staying on track.
Overall, by following these budgeting tips from Stacy Pohlmeyer, individuals can better manage their finances and enjoy a stress-free holiday season. Remember, a budget is meant to bend, but not to be broken. So, take control of your finances and make the most of the 2023 holiday season.