{"id":415514,"date":"2024-10-17T23:00:00","date_gmt":"2024-10-17T23:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=415514"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"Don-t-Let-the-Holiday-Season-Set-You-Up-for-Debt-in-2025","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/Don-t-Let-the-Holiday-Season-Set-You-Up-for-Debt-in-2025\/","title":{"rendered":"Don’t Let the Holiday Season Set You Up for Debt in 2025"},"content":{"rendered":"

(StatePoint) The holiday season may be warm, merry and bright, but it\u2019s also a time when it\u2019s all too easy to spend more than you plan to and rack up debt you can\u2019t manage.<\/p>\n

According to CERTIFIED FINANCIAL PLANNER\u00ae<\/sup> professionals, here\u2019s how to celebrate the season in style while positioning yourself for a financially healthy 2025:<\/p>\n

Create your budget:<\/strong> Take a look at your budget<\/a> to determine how much you can earmark for holiday expenses. Do you need to cut back on any nonessential spending to afford the holiday season you desire? Make a comprehensive list of all your expected expenditures, including for travel, hosting, decorating, gifting and charitable giving. Don\u2019t have a budget? A CFP\u00ae<\/sup> professional can help you create one<\/a> to stay on track with your financial goals during the holidays and beyond.<\/p>\n

Stretch your budget:<\/strong> Stretch your holiday budget creatively. When shopping online or booking travel, find the best deals by using a browser extension that comparison shops. Entertaining? Rather than providing every dish yourself, host a cookie exchange or potluck. If you have a large extended family or circle of friends that holds a traditional gift exchange, suggest a Secret Santa or white elephant exchange instead.<\/p>\n

Maintain your credit:<\/strong> While it\u2019s fun to be extravagant and give big-ticket items that will wow your recipients, your holiday spending shouldn\u2019t harm your credit<\/a>. Keep an eye on your debt-to-credit ratio throughout the season and set reminders of when credit card payments are due. If you purchase an item using a Buy Now Pay Later<\/a> plan, put payment due dates in your calendar to avoid late fees.<\/p>\n

Give wisely:<\/strong> Many people make charitable contributions around the holidays. If you plan to give, do it in a way that offers a tax advantage<\/a>. From deductions to donating appreciated assets to using a Donor Advised Fund, a CFP\u00ae<\/sup> professional can help you find a strategy that is good for you and for the cause you care about.<\/p>\n

Save all year:<\/strong> Diverting a small portion of each paycheck into a special savings fund all year long can help ensure you\u2019re prepared to meet holiday expenses. Once this current season wraps up, you can begin to plan for next year. A CFP\u00ae<\/sup> professional can help you set this fund up and offer suggestions for maximizing these savings.<\/p>\n

Make your resolutions now:<\/strong> Whether it\u2019s to pay down debt or set up a retirement fund, you don\u2019t have to wait until the new year to get started on your resolutions<\/a>. Get a healthy money mindset now so that come January, you\u2019ll have already established habits that move you toward your goals.<\/p>\n

Working with a financial advisor to prep for the holidays can help ensure you have a stress-free season. Find your CFP\u00ae<\/sup> professional, trained to offer comprehensive solutions for your unique situation, by visiting letsmakeaplan.org<\/a>.<\/p>\n

During a season of festivities, financial planning may not be top of mind. However, smart spending habits can help ensure you enter 2025 in the black.<\/p>\n

*****<\/p>\n

Photo Credit: (c) julief514 \/ iStock via Getty Images Plus<\/p>\n

<\/p>\n


Don’t Let the Holiday Season Set You Up for Debt in 2025<\/p>\n","protected":false},"excerpt":{"rendered":"

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