Women2Women - Fall 2017 - 22

Growth2Go

How to Avoid Stress
During the Holiday Season
By Chiara Sockel Renninger, Wealth Advisor,
Buckingham Strategic Wealth

Evaluate your current budget. Before
you tackle what to spend on others, you need
to consider your current cash inflow and
outflows. If you currently have a monthly
budget, evaluate how much "extra" money
you have each month and decide what you
are willing to allocate for holiday spending. If
you are not tracking your spending, start now.
Keep receipts for 30 days so you know where
you are spending your money. After 30 days,
calculate the excess and decide what you are
willing to dedicate toward holiday spending.
Decide who you will shop for this
year. Consider who you traditionally have

purchased gifts for, and decide who needs to be
added to (or removed from) that list this year.

Determine how much you will spend
for each gift. Make sure to set a budget

for each gift. Once you have determined the
per-person amount, stay disciplined. Don't
let the allure of holiday sales guide your
purchases. Set a limit, then scope out items
online or in stores well in advance. Allow
Black Friday or Cyber Monday deals to help
you get the best price.

22 Women2Women Fall 2017

CITALLIANCE / 123RF STOCK

ith the holiday season right around the
corner, now is the perfect time to evaluate
your budget and create a holiday spending
plan. By creating a plan and budgeting ahead
of time, you can reduce stress while keeping
your finances in shape during this festive time
of year. Who wants to be stressed out when
there is so much holiday fun to be had? Take
these steps and you will be on track to a joyous
and financially responsible holiday season.

Choose whether you will make
purchases using credit cards or
cash. If you have a tight budget, consider

using cash versus buying gifts with a credit
card. Handing over cash can force you to
be a conscious spender. If you have the
means to use a credit card and pay it off in
full each month, you can find some great
rewards programs that provide cash back,
airline miles and hotel points. DO NOT
overspend on a credit card just for the
rewards. The only way that using credit
makes financial sense is if you pay the entire
balance every month to avoid interest. Also,
don't be lured into opening a store credit
card just to get one-time savings of 10-20
percent. Having too many credit inquiries
in a short timeframe can negatively affect

your credit score. No matter what payment
method you use, make sure you track what
you have spent.

Create a 2017 shopping list. Whether
you do it the old-fashioned way and create
a handwritten list or you use technology to
help, create a list showing specifically who you
are buying for, your budget for each gift and
what items you plan to purchase. If you are
looking for technology to help you track your
spending, consider trying an app like Santa's
Bag. Santa's Bag is available from iTunes and
it sets budgets, plans gifts and tracks your
shopping progress. Another great budgeting
tool is CamelCamelCamel. You can enter
gift items and the price you want to pay, and
you will be notified when your items hit that
price on Amazon.
https://www.camelcamelcamel.com/
Table of Contents for the Digital Edition of Women2Women - Fall 2017
