Financial planning advice for the holidays
“Spending Season”: Financial planning advice for the holidays
Updated: 4:17 PM EST Dec 1, 2024
ALERT, THE HOLIDAY SEASON CAN QUICKLY TURN INTO SPENDING SEASON IF YOU’RE NOT CAREFUL, AND YOU CAN QUICKLY FIND YOURSELF IN HIGH INTEREST DEBT. WE’VE GOT TO AVOID THAT. JOINING US WITH SOME SPENDING TIPS IS KEITH O’NEILL, CEO OF JOHNS HOPKINS FEDERAL CREDIT UNION. GOOD MORNING. HOW ARE YOU? I’M GREAT. TELL US HOW NOT TO GO BROKE THIS SEASON BECAUSE MANY OF US WILL WHIP OUT THEIR CREDIT CARD. YOU DON’T WANT US TO DO THAT? OH, DEFINITELY. YOU KNOW, THERE’S THIS CAN BE A STRESSFUL TIME OF YEAR, AND IT’S REALLY ABOUT BUDGETING AND MAKING SURE THAT YOU HAVE A PLAN IN TERMS OF YOUR SPENDING OVERALL. AND THEN ONCE YOU HAVE THAT PLAN, YOU HAVE TO PRIORITIZE BECAUSE NOT EVERYONE IS GOING TO GET THAT BIG GIFT. SO SHOULD WE JUST SET A NUMBER AND SAY, LOOK, I’M NOT SPENDING ABOVE THIS AND WHATEVER I CAN GET FOR WHATEVER PRICE RANGE THAT FALLS IN THERE, THAT WOULD BE FANTASTIC. ABSOLUTELY. AND FOR THOSE PEOPLE THAT YOU CAN’T GET A GIFT FOR WHAT YOU CAN DO IS WRITE A NOTE, SOMETHING SPECIAL JUST TO SAY THANK YOU AND MAKE A CONNECTION THAT WAY. IT’S NOT AS EXPENSIVE AND YOU DON’T HAVE TO GO INTO DEBT. AND LOOK, A LOT OF PEOPLE REALLY LOVE THOSE PERSONALIZED GIFTS TOO. THEY TEND TO MEAN MORE IN THOSE CASES. BUT WHAT DO WE NEED TO WATCH OUT FOR WHEN WE’RE USING CREDIT CARDS? YEAH, CREDIT CARDS. YOU NEED TO MAKE SURE THAT YOU’RE INTENDING TO SPEND TO PAY OFF THAT CREDIT CARD, BECAUSE YOU DON’T WANT TO CARRY THAT FROM MONTH TO MONTH. AND REALISTICALLY, EVEN IF YOU DO, THERE’S STILL A LITTLE BIT OF HELP AFTER THE HOLIDAYS, YOU CAN GO BACK TO YOUR FINANCIAL INSTITUTION, WHETHER IT BE A BANK OR A CREDIT UNION, AND SIT DOWN WITH THEM TO FIGURE OUT, YOU KNOW, CAN YOU CONSOLIDATE THAT? CAN YOU BUILD A PLAN SO THAT NEXT YEAR YOU’RE AHEAD OF THE GAME, ESPECIALLY BECAUSE INTEREST RATES ON THOSE CARDS CAN BE SO HIGH. AND I ALWAYS SAY, IF YOU GOT SOMETHING ON SALE, BUT THEN YOU PAY 25% INTEREST ON IT, YOU BASICALLY PAY FULL PRICE. ABSOLUTELY. THE INTEREST IS THE THING THAT REALLY GETS TO YOU. SO YOU NEED TO MAKE SURE THAT YOU’RE LOOKING FOR THOSE INTERESTS. THERE’S LOTS OF SITES THAT YOU CAN CHECK OUT TO ENSURE THAT YOU ARE GETTING THE BEST DEAL, BUT AGAIN, PAYING PAYING IT OFF EVERY SINGLE MONTH IS THE WAY TO DO IT. HAVING A BUDGET IS THE ABSOLUTE BEST WAY TO GO FORWARD AND LOOK EXPENSIVE GIFTS. THEY MIGHT BE NICE, BUT AGAIN, WE JUST TALKED ABOUT A LITTLE BIT THOSE SENTIMENTAL GIFTS. SOMETIMES THOSE ARE THE ONES THAT REALLY STICK WITH US. YOU KNOW, I THINK IT’S REALLY IMPORTANT IS TO COMMUNICATE WITH THE PEOPLE AROUND YOU SO THAT THEY UNDERSTAND WHAT YOU’RE GOING THROUGH. ALSO, BECAUSE IF YOU’RE LIMITED ON A BUDGET, YOU WANT TO MAKE SURE THAT EVERYONE UNDERSTANDS EXACTLY HOW MUCH MONEY YOU’RE LOOKING TO SPEND AND WHAT THEY’RE EXPECTING TO GET. SO THEN MAYBE THEY CAN DO IT ALL TOGETHER. AND LOOK, DON’T BE AFRAID TO TELL PEOPLE IN YOUR LIFE, RIGHT? LAST YEAR I CAME OUT LIKE SANTA CLAUS AND THIS YEAR I SAID, KIDS ONLY ADULTS. YOU KNOW, I LOVE YOU. HAVING FOUR KIDS IN THE HOUSE. THERE HAVE BEEN SOME TOUGH TIMES COMING ALONG AND REALLY IT’S ABOUT COMMUNICATING WITH THOSE AROUND YOU AND MAKING SURE THAT YOU HAVE A REALLY GOOD EXPERIENCE FOR THE HOLIDAY SEASON. YOU WANT TO BE HAPPY AND COMFORTABLE, NOT STRESSED OUT. AND WE GOT TO REMEMBER QUALITY OVER QUANTITY. ABSOLUTELY. ONE NICE GIFT MAY BE BETTER THAN TEN. OR AGAIN, A NICE HANDWRITTEN NOTE. ALSO, PEOPLE FORGET THAT. THANK YOU SO MUCH FOR BEING HERE WITH US. THANK YOU. ALL RIGHT GUYS WE’RE NOT GOING TO OVERSPEND IT COMING UP IN THE
“Spending Season”: Financial planning advice for the holidays
Updated: 4:17 PM EST Dec 1, 2024
Everyone loves a present at Christmas, but meeting those holiday expectations can sometimes bring financial stress. Jenyne Donaldson talks with Keith C. O’Neil, Jr. from Johns Hopkins Federal Credit Union about sticking to a budget and not damaging your credit.
Everyone loves a present at Christmas, but meeting those holiday expectations can sometimes bring financial stress. Jenyne Donaldson talks with Keith C. O’Neil, Jr. from Johns Hopkins Federal Credit Union about sticking to a budget and not damaging your credit.
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