Tips on how to budget for the holidays from a Mandan financial advisor

Good Day Dakota

2020 has disrupted many people’s lifestyles.

The pandemic has caused financial problems for many families, but that shouldn’t stop us from celebrating what’s supposed to be a holly jolly season. So what can you do to ensure you won’t break the bank this holiday?

KX News spoke with a financial advisor to hear more about how to adjust as the holidays approach.

Steven Richard, a financial advisor from Mandan, says start by being honest with where you’re at financially now. Then use that as a basis to determine what you want and what you need. Needs being expenses like bills and wants being expenses like going out to dinner or grabbing a coffee.

Richard explains, “Just little things you can make tweaks to in your budget to make those dollars stretch as far as possible when you’re going through a furlough or a reduction in hours or whatever difficulty the pandemic has thrown at you.”

He says shopping for loved ones during the holiday season shouldn’t be stressful. So, to minimize the chances of overspending, set a budget for each person or organization you plan on gifting. Then stick to it by taking your list with you shopping and do the math as you go. Richard says the numbers don’t lie and Christmas doesn’t sneak up on us as the pandemic did.

Richard says, “We didn’t expect everything to happen with COVID like it did earlier this year
we can’t say that about Christmas it’s gonna be there.”

He says if we hit the restart button on our habits during the holiday season, we can use it as a jumping point for handling our finances going forward into the New Year.

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