Making financial adjustments in an unusual holiday season
As we continue to manage life under the shadow of the COVID-19 pandemic, you might find that you need to re-think some of your holiday plans. Balancing holiday obligations can be challenging even in a normal year, but given the adjustments required to maintain our health and a semblance of normalcy in our lives, it may become even more stressful in 2020. Planning in advance can help you make solid personal and financial decisions in the months ahead. Here are some aspects to consider:
Depending on your circumstances, you might face some financial challenges at a time of year when spending tends to rise. Determine whether you need to dial back your spending plans on gifts, parties etc. to account for that. Be sure to set proper expectations with family members, friends or others so they are aware that you might approach things differently this year.
Gatherings of family and friends
If you are going to reduce the size of your gathering this year, it could reduce the budget required for food and beverages. Even your decorating expenses might be lower.
With so many people working remotely and extra efforts being made to limit personal contact, you may decide to scrap the party idea. An alternative is to put some of that money toward a thank you gift for each employee. This could be in the form of a specific item, a gift card or a cash bonus.
If you face financial pressure due to today’s economic uncertainty, be upfront about that with family members or friends who typically may expect something from you. This may not be the year to shower people with expensive presents, but instead put more emphasis on the meaning and thought behind any gifts you provide. Even gifts that require little or no financial outlay can be very special.
Ryan D. Murray, APMA®, CRPC®, CLTC, CFS®, CAS® is a Private Wealth Advisor and Managing Director with Great Oak Wealth Partners, a private wealth advisory practice of Ameriprise Financial Services, LLC. in Langhorne, PA. He specializes in fee-based financial planning and asset management strategies and has been in practice for 25 years. To contact him, please visit https://www.ameripriseadvisors.com/team/greatoakwealthpartners, or call 877.757.7642.
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PHOTO CAP: Ryan D. Murray, Private Wealth Advisor and Managing Director with Great Oak Wealth Partners