Trends are indicating that this holiday season not as much will be spent on traveling or experiences. Those dollars will be more driven towards things in the home, focusing on family, wellness and safety.
Shanna Kehoe reminds us a sound financial plan can shape your budget and even allow for a little luxury in holiday spending by purposeful goal setting. She shares these tips for moving through the uncertainty.
Tip number one assures us not to panic, plans are designed to withstand volatility. Current events may have you skeptical, but declines are part of investing and markets tend to reward long term investors.
Updating your plan making certain it is current with your objectives is tip number two. For instance, looking to have emergency funds to cover about six months of living expenses. Reviewing your retirement income can provide opportunity and change to the way you take distributions from your portfolio. This pandemic highlights the importance of estate planning as well as the consideration of how a long-term care event may affect your future.
In tip number three consider how your money is working for you. Are you saving in the most advantageous vehicle available? Is paying extra towards your mortgage the best use of your money? Am I using credit cards wisely? There are many varieties of cards and rewards available to consider.
This year has truly been unforgettable! As we celebrate the holiday season and continue to be hopeful in the new year, it is important to move forward with confidence.
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Pro tips from Shanna Kehoe to move into the new year with confidence
TIP#1 STAY CALM: have a plan
TIP#2 STAY CURRENT: keep tracking your goals and objectives
TIP#3 STAY DILIGENT: make sure your money is working for you