Better Financial Health in 15 Minutes (or less!)
If you are the type of person who wants to start getting your finances in order but don't exactly know where to start, or maybe you just aren't all that interested in finance, this is the podcast for you! Stacey Hyde covers many different topics under the umbrella of basic, need-to-know financial planning information, but simplifies it in a way for everyone to understand. Envision Financial Planning. 5100 Poplar Avenue, Suite 2428, Memphis TN 38137. (901) 422-7526, This communication is strictly intended for individuals residing in the United States. Advisory Services offered through Envision Financial Planning, a Registered Investment Adviser.
Better Financial Health in 15 Minutes (or less!)
Holiday Gift-Giving with Financial Savvy: Tips for a Memorable and Budget-Friendly Season
What if you could transform holiday gift-giving into an art form while keeping your finances healthy? Join me, Stacey Hyde, as I share insights on how to navigate the holiday season with thoughtful and budget-friendly gift ideas that show your loved ones you care without emptying your wallet. From charming cocktail napkins to guest towels, discover creative ways to make your gifts meaningful and memorable. We'll also tackle the financial pressures of the season, discussing strategies for managing credit card balances and resisting the urge to make last-minute impulsive purchases.
As rising living costs challenge our financial stability, it's crucial to budget wisely and opt for cash payments. Tune in for practical advice on teaching children about financial decisions during the holidays, turning gift-giving into an opportunity to instill lifelong values. We'll explore how involving kids in family expense decisions can be both educational and entertaining, like choosing which streaming services to keep. This episode is packed with tips to help you embrace the holiday spirit with financial mindfulness, making the season joyful for both you and your wallet.
Envision Financial Planning. 5100 Poplar Avenue, Suite 2428, Memphis TN 38137. (901) 422-7526, This communication is strictly intended for individuals residing in the United States. Advisory Services offered through Envision Financial Planning, a Registered Investment Adviser.
Hi, I'm Stacey Hyde and I'm back for another episode of Better Financial Health in 15 minutes or less as we get deep into the holiday season. I wanted to talk a little bit about gift giving. I know we've talked about that before and alternative gifts, but sometimes we need that reminder as we get caught up in the hype. And I'm invited to this party and we're going here and what am I supposed to take, and it can be overwhelming and it can seem like it's easier just to go buy something and not think about it. But realistically, think about the gifts that you're likely to give at that point. Is it really going to be something that you really thought about? That's going to be super special. Chances are it's not. So kind of resist that urge. Maybe go to a discount store and buy several packets of cute little cocktail napkins or those little napkins you can put in your guest bath or a half bath for guests to use, so people that are very concerned about germs they don't have to worry about using a towel that somebody else has touched. And there's some things that you can do like that that people will use and will appreciate, but they cost $5. And if you put a nice bow on it. They're going to appreciate that and it's not going to be something that they have to find a home for. They look for something else, and I think that's the thing to keep in mind. And then I know because I have kids. Mine are older now, but I still remember wanting to get them all the cool stuff, especially now, with interest rates being so much higher, with the price of groceries being so much higher, homeowners insurance, renters, insurance everything just costing more.
Speaker 1:Be really, really careful about your credit card balances, so much so that if you are carrying a balance, it means that you're not paying it off every month. Then you're not getting that free float where you have 25 days to pay that off. If you carry a balance, any new purchases start accruing interest, and that interest is probably at a minimum of 18%, sometimes closer to 30%, on those purchases, and that compounds every single day. So, best case scenario, you would not use a credit card. I'm not a fan of debit cards, but in this case I think it would be preferable than to adding to your credit card balances. Or, even better, give yourself a budget, have some cash, pay cash. When the cash is gone, you're done shopping. If you can't do either of those, then you should make a payment as soon as you get home. Make a payment on the credit card so that it doesn't continue to add to the balance, because if you pay the minimum balance and you're not paying a big chunk of that, you are really losing ground and you don't want to be losing ground right now.
Speaker 1:So it's really important to stay on top of your spending, really be cognizant and give yourself a budget and be kind of strict with yourself. And give yourself a budget and be kind of strict with yourself, because I promise you in January, when all of those bills come in and you're looking at where you are, if you've spent less, you will feel better, you'll remember better and, especially if your kids are little, you're probably going to have as much fun with the box as they are, whatever it is that you've given them. And if your kids are older, it's okay to talk to them about choices and about how well we can only do. Maybe you can only get this game. You can't get this game, but maybe talk to your friend and see which game he or she is getting and then you get the other one and then if y'all play together, you can both play each of the games, and so that might be a way to help your kids understand that they have to make choices. It's okay to be transparent with your kids, especially once they start getting 10, 11, 12. You're actually doing them a favor in exposing them to these choices that have to get made, and sometimes they can make it a game.
Speaker 1:If you're looking at ways to cut back, get them involved. What streaming services do you watch? Do we need this? Do we need that? That can save you a lot of money and studies have shown that people are doing that. They're maybe keeping Netflix for a while, watching all the stuff they want to see there. They cancel it. Then they get Disney Plus. They watch what they want to watch there. They stop and they go to another one instead of having all of them all the time.
Speaker 1:So just a couple of things to keep in mind and to pay attention to, and cable bills especially, and internet. Those tend to creep up over time and, as I found out, my satellite radio went from six dollars a month to twenty something dollars a month, so I did cancel that. So you've really got to pay attention to what you're paying for on a monthly basis and cancel the stuff you're not using. Like if you have a car wash subscription. You're not going to be washing it that much in the winter, so you're probably better off just paying for it the one time in the month that you're going to use it. So those are some ways that you can really economize without harming your enjoyment of the holiday season.
Speaker 1:So happy Hanukkah, merry Christmas, happy Kwanzaa. Enjoy your holidays. The people are the most important and even when that family annoys you, I promise you spending time with them is great. You will miss them when they're gone, so give them an extra hug. Listen to that story you've heard 32 times and just smile and know that they're yours and you love them. Thanks so much for tuning in. This has been another episode of Better Financial Health in 15 Minutes or Less.