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The Personal Finance Podcast
How to Never Go In Debt During The Holidays Again - Money Q&A
Dec 25, 2024
Discover how to avoid holiday debt with proactive budgeting techniques. Learn why it's crucial to treat holiday spending like regular bills and automate your savings. Explore the nuances of emergency funds and the importance of financial education for investors. Delve into the pitfalls of advisor fees and assess whether to maintain your financial advisor. Plus, uncover strategies for managing old 401(k) accounts and safeguarding your finances against identity theft in today's digital landscape.
50:50
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Quick takeaways
- Establishing a monthly savings plan for holiday expenses reduces financial stress and promotes cash-based spending instead of relying on credit.
- Addressing credit card debt is essential for achieving personal financial freedom, as 28% of consumers carry holiday debt into the new year.
Deep dives
Effective Holiday Debt Prevention
Implementing a system to avoid holiday debt is crucial for financial well-being. By treating holiday expenses as a monthly bill starting in January, individuals can save money throughout the year. For example, if one spent $2,000 during the last holiday season, adding 20% to account for rising costs and dividing that total by 12 helps determine a manageable monthly savings goal. This approach reduces stress and promotes financial readiness, allowing for holiday spending in cash rather than through credit.
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Discover
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