This holiday season, you’re probably focused on spending time with family, buying gifts, and traveling to see your loved ones. But part of enjoying the holiday season is spending on those gifts and experiences. Although it’s reasonable to prefer not to think about money this time of year, the extra holiday spending can take a toll on your budget. Doing so can even take much-needed time away from preparing your financial strategy before the turn of the new year when certain rules and limits refresh. Here are some important tips from our team for keeping your finances in check this season so you can enjoy your holiday season without costly mistakes:
Do stay on track!
If you started your retirement plan with a clear idea of what you’ll need and you carefully considered your budget and potential spending, then all you have to do is stick with it. Occasionally, you may want to make changes to the design of your plan, and that’s okay, too. If you want to make some adjustments, reaching out to one of our professionals might be a good move. We can help you maintain your trajectory and provide customized advice to make sure you’re headed in the right direction.
Don’t get emotional!
We see this all the time. It can be very easy to get emotional about a dip in the market. It can be very easy to panic about how much you have saved for retirement. There are a lot of unknowns when it comes to finances, and that can be very stressful. But allowing those emotions to overtake your plan can lead to you making suboptimal financial decisions. It might help in these kinds of circumstances to have another person in your corner to talk through your financial thoughts.
Don’t follow something that seems too good to be true!
Everyone wants investing to be simple. If there were a single stock that you could put your money in and watch it appreciate with no possible downside, the world would be a beautiful place. And sometimes people will come to you with advice that makes the world seem like it’s that simple. They’ll tell you they doubled their money in a short time investing with just one simple strategy. There are countless websites out there claiming that they’ll tell you the perfect portfolio to prosper. But, unfortunately, the world doesn’t work like that. And you probably don’t want to find yourself in a situation where you’re gambling your life and retirement savings on untailored advice.
A financial professional can help steward your finances through these pitfalls to help you achieve the retirement you worked hard to save for. They’re able to look at the numbers, help address your emotions around financial decisions, and help guide you toward the potential for financial stability. Click HERE to reach out to one of our professionals at Haven Financial Group today to get started.
