- Tom Seeko and CJ Burnett, Florida Veterinary Advisors

The holidays are a wonderful time of the year. While many of us will use the time to reconnect with family and friends, some of us are just looking forward to having time to relax from the normal day to day grind. 

Holidays are also a time when we like to spend money.  In fact, according to Deloitte, the average American household is expected to spend about $1463 dollars on holiday gifts, goodies and travel this year.1 

Depending on your viewpoints on money, thinking of spending that much money might make you stressed.  When it comes to spending, you want to make smart choices, but knowing where to start can be the hardest part. 

Here are three helpful tips to make smart money moves this holiday season:

1. Create a holiday budget

Going into the holidays, you need to look at your budget and make a plan on how much you should spend this holiday season.  Make a list of holiday gifts, travel expenses, and other costs and try to figure out how you can maximize your holiday celebration with the least amount of spending.  A budget gives you clarity to know what you can spend without dramatically affecting your wallet. 

2. Pay off your credit card every week

Credit cards can be helpful, especially around the holidays. But, if you used them as a bottomless spending account, you are probably going to run into trouble.  When the interest rate is high and you are only making the minimum payments, it will take a very long time to pay them off. 

A simple step that you can take is to use only one credit card and make an effort to pay the balance off every Friday.  This way, you can have the convenience of a credit card without paying high interest rates. Knowing that you plan to pay it off each week may also help curb your spending. 

3. Make smart money goals for 2022

We hear all the time that we should have financial goals. What we really need instead are reasons for planning. It can be very stressful whenever we approach our finances with an empty mind and no true direction, so take some time during the holiday break to dream about what your goals are. Do you want to save for a new car, a down payment on a house, or do you want to pay down your student loans?  Make a plan to start 2022 on the right foot to meet that goal.  

For more great tips, subscribe to our podcast by clicking on the link below:

Smarter Vet Financial Podcast 

Material is for informational purposes only. Tom and CJ are Registered Representatives and Financial Adviso

rs of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representatives of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Florida Veterinary Advisors is not an affiliate or subsidiary of PAS or Guardian. Tom’s California Insurance License #0K79676 CJs #0K79676. Florida Veterinary Advisors is not registered in any state or with the U.S. Securities and Exchange Commission as a Registered Investment Advisor.  The individuals associated with Florida Veterinary Advisors do not maintain specialized licenses or qualifications for the financial services provided to veterinary professionals. 2021-129881 Exp 11/23

Reference:

1.     Deloitte: Holiday Spending on Experiences Drives Gains, but Supply Chain and Inflation Challenges May Dampen Seasonal Cheer for Some: https://www2.deloitte.com/us/en/pages/about-deloitte/articles/press-releases/holiday-spending-experiences-drives-gains-supply-chain-inflation-challenges-may-dampen-seasonal-cheer-for-some.html