Financial expert offers holiday spending tips
December 11, 2018 07:55 AM
ALBUQUERQUE, N.M.—The National Retail Federation has predicted that the typical shopper will spend a little more than a $1,000 this holiday season.
From decorations to food and presents, a lot of people may find themselves in a pinch financially.
“I think we should get creative with this,” Gage Kemsley, vice president of Oxford Wealth Advisors said.
According to Kemsley, the first thing anyone should do is look at their finances.
“They always give you that quote...the best time to plant a tree was 20 years ago, the second best time is today. So start a budget today and get something started right away,” Kemsley said.
He adds most people would benefit from some quick cash. He said to consider selling things you no longer need.
“A few weeks ago my wife was cleaning the house a little bit. We had all these old textbooks lying around. So we thought it would be a good idea to sell those and we picked up $450 to $500,” Kemsley said.
In addition to that, Kemsley suggests cutting out unnecessary purchases at least until after the holidays. That includes eating out, and that trip to the coffee store on the corner.
“If we think for a month we’re just going to cut back just a little bit, all of a sudden we’ve got maybe an extra $250 or $300 that we can spend on holiday gifts,” Kemsley said.
When it comes to hitting the mall or planning that Christmas Eve party, remember, set realistic expectations.
“I would hate to spend all this money for holiday spending and not have a way to pay it off, and then come Jan. 1 …boom, the shoe drops and we've got this massive bill that we have to pay,” Kemsley said.
Updated: December 11, 2018 07:55 AM
Created: December 11, 2018 07:50 AM
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