It may be tempting to take a pause on your financial readiness to splurge during the holiday season. Fidelity shares during the holidays that 44% of people break even or spend more than they earn each month. Don’t let your holiday spending put you on the retirement savings naughty list. Instead, use the holiday season to take financial inventory and ensure you are prepared for a healthy cash-flow in retirement. Here are four quick tips to boost your financial wellness this holiday season.
- Consider holding back on holiday spending. If retirement is around the corner, excessive holiday shopping can be impactful. Keeping your savings intact, minimize holiday spending, and allocating additional funds toward saving to strengthen your future financial security.
- Have a financial plan. If you don’t have a financial plan in place, get one drafted. Work with a UNC System retirement plan financial professional to help create your financial plan, determine the income needed to achieve your goals, and set income strategies to achieve your future retirement dreams.
- Discuss retirement and financial goals with family members. Use the holiday family gatherings to discuss your retirement planning goals and financial savings decisions with your loved ones.
- Conduct a year-end financial review. The holidays can prove to be a key time to take financial inventory. Make time to review your financials to identify strengths and weaknesses in your savings and establish new benchmarks for the coming year.
