As holiday shopping is rapidly approaching, Mike Reeves, wealth management advisor of Strategic Wealth Designers, shares the best way to keep our finances in check during the holiday season.
Reeves states, “A holiday savings account makes a lot of sense. It’ll kind of act like a forced budget. You know when you are squirreling money away during the year and when that account runs out so does your holiday spending.”
We see the lines and all the hype around Black Friday. Reeves shares if the deals are worth the hassle. “The deals are amazing but so are the crowds. The good news is retailers are extending it. The week before and the week after you are going to find some amazing deals. You can build a plan if you look at the ads that come out. The deals aren’t always fantastic.”
Lastly, he discusses that retailers have created a number of sale days, Cyber Monday and Cyber week to name a couple. We tend to see people spending more money when they do not have to physically go into a store to get the discounts. Reeves explains, “Retail spending this year in the U.S. is up 5%. Online is up 15% and Cyber Monday is going to be more than 20%. Some of the deals are better online than in the actual store.”
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