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By Alex Fishman
The end of the holiday season may not seem like the right time to talk about your finances. But how you manage your holiday expenses this year can be a window into how you manage your overall financial plan.
Like inflation, holiday spending often increases from year to year. Tack that additional bill onto routine monthly expenses and the extra costs that always come at year-end (such as property taxes), and your finances could have a shaky start next year.
Even if you don't usually budget for the holidays, start tracking your spending while it's still fresh in your mind. As you wrap up your purchases, the extra oversight might help you avoid loading up credit cards or dipping into your savings.
When you're done with your gift giving, entertaining and holiday-related traveling, take the time to record and evaluate your spending, even if it's just an estimate. Was it too much? Will it affect any planned purchases or regular expenses next year? How about your existing saving and investing plan—would you have done anything differently?
Then, consider how a budget—for next year’s holidays and your overall finances—might give you a different perspective on spending.
Budgeting is the foundation for financial planning. It's the primary way you can affect your own financial success. You can't control the financial markets, but you do control how much you spend, and how much you save.
Each dollar you save today has the chance to grow and compound over time. We're not suggesting canceling your gift-giving traditions! A gift here and there won't make much of a difference, just like daily fluctuations in the financial markets won't ruin your future.
But your total spending and saving patterns will set you up for financial success—or financial stress.
First, it's important to know what you're budgeting for—short-term goals like holiday spending or far-off goals like retirement or college. Our Future Value Calculator can help you determine how much to set aside for a long-term goal, and our other retirement tools dive into more specifics as you approach retirement.
Armed with a clear vision of your goals and an estimate of the amount you'll need, examine your everyday finances.
We generally believe clients should have three to six months' worth of emergency savings in a bank account or other relatively low-risk account. There are a number of ways to boost your emergency fund.
Investing, rather than saving, has the potential to grow your money over time, at a greater rate than a bank savings account. But it also involves the risk that your investments will decrease in value during market fluctuations.
Need help getting started? Contact us, or find out more about investing for any goal.
For more in-depth portfolio reviews and wealth management services, our Private Client Group offers exclusive access to customized advice and a dedicated service team.
We can help you get started. Contact us to find out more about budgeting and investing for any goal.
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Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.
Private Client Group advisory services are provided by American Century Investments Private Client Group, Inc., a registered investment advisor. This service is generally for clients with a minimum $50,000 investment. Call us to determine the level of service that is appropriate for you. The advisory service provides discretionary investment management for a fee. All investing involves risk.
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