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.
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Calculate Holiday Expenses
- Calculate last year's holiday expenses, including gifts, groceries, travel, and parties.
- This helps create a realistic budget for the next holiday season.
Add a Buffer
- Add 20% to your calculated holiday expenses to account for unexpected costs and inflation.
- This creates a buffer for price increases or last-minute purchases.
Automate Savings
- Automate monthly transfers to a high-yield savings account specifically labeled for Christmas.
- This makes saving effortless and ensures consistent progress.