The holiday season is often described as “the most wonderful time of the year,” but for many families it also brings the most financial stress. Between gift giving, entertaining and charitable donations, expenses can pile up quickly, leaving many to enter January with hefty credit card balances.
Matt Libien, managing director at Wells Fargo Advisors in Paramus, says this season is about being intentional, thoughtful and prepared when it comes to spending. He emphasizes that the holidays should be a time of joy, not a source of financial strain.
“Everybody wants to be generous,” Libien says. “But you need to maintain your financial health. Do not overextend yourself.”
One of the biggest pitfalls, he explains, is relying too heavily on credit cards. While it may feel easier to swipe now and deal with the bill later, many do not consider how long they will be paying it back or how much added interest increases the true cost. “People often end up paying for the holidays well into the following summer,” he cautions.
Instead, Libien urges families to focus on value rather than price tags. “It is not the price of a gift that matters, it is the thought behind it,” he says. A creative, heartfelt gesture will often mean more than something extravagant, and it can help curb unnecessary spending.
He also recommends making small adjustments that add up, such as cooking at home rather than relying on takeout during the busy holiday rush. “Simple changes can save a lot of money,” Libien notes.
At its heart, his message is about balance: enjoying the spirit of generosity while staying grounded in financial responsibility. With a few thoughtful strategies, families can ring in the new year with joy and without lingering debt.
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Matt Libien’s Six Tips for Smarter Holiday Spending
1. Cook at home
Busy schedules make it tempting to grab takeout or dine out frequently, but those costs add up fast. Cooking at home, even for quick weeknight meals, can save hundreds of dollars over the season. That money can instead go toward thoughtful gifts or meaningful holiday experiences with family.
2. Focus on thoughtful gifts
It’s easy to assume expensive gifts show more love, but that’s not true. A personalized or creative gift often carries more meaning than a high-priced item. Libien encourages shoppers to prioritize emotional value over monetary value, focusing on gestures that reflect care and attention.
3. Limit credit card use
Swiping a card may be convenient, but the hidden costs can linger. Interest charges and balances rolled into the new year can turn bargain buys into costly regrets. Whenever possible, stick to cash or debit to stay grounded in your actual budget and avoid long-term debt.
4. Choose charities wisely
Generosity doesn’t have to be spread thin. Libien advises families to pick one or two charities that truly matter to them. Concentrating giving not only maximizes impact but also helps manage finances more responsibly. Donor-advised funds may also provide added tax benefits.
5. Plan year-end finances
The close of the calendar year is an important checkpoint. Libien recommends reviewing 401(k) contributions, paying down debt and discussing charitable giving with an accountant. Even modest financial adjustments made before Dec. 31 can set families up for a stronger, more stable financial start in the new year.
6. Save throughout the year
The holidays don’t have to feel like a financial ambush. By setting aside small amounts regularly, families can enter the season with peace of mind. Treat savings like a monthly bill, out of sight and out of mind, so that by December, gift-giving feels joyful instead of stressful.
About Matt Libien
Matt Libien is managing director at Wells Fargo Advisors in Paramus, New Jersey, where he has worked since 2009. With more than 15 years of experience guiding clients, Libien specializes in wealth management, retirement planning and investment strategies. His approachable advice helps families and individuals achieve financial confidence, especially during high-spending holiday seasons.