The year 2020 has been a year of change. We’ve changed the way we work, socialize, shop, and travel. More than ever, the year has taught us that anything can happen, and we need to be prepared. Bring your family together this year for a new kind of holiday tradition—one that can help all of you be prepared for 2021 and beyond.
Jump into our sleigh and explore these five holiday traditions that could set your family up for a stronger financial future.
1. Establish budgets for gifts.
To encourage spending wisely, settle on a maximum amount to pay for holiday gifts. Bankrate.com suggests capping gift spending at $100 for a spouse, $75 to 100 for a parent, $50 or more for a sibling, and $75 for a child.
“If you’re hoping to avoid a New Year’s Day debt hangover this year, your best strategy is to make and stick to a holiday budget. Careful planning is the key to enjoying your holiday revelry without waking up to a cold, gray, overdrawn morning in January,” Money Crashers advises.
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2. Give long-lasting gifts.
Instead of buying holiday gifts that are easily disposable and forgettable, choose gifts that can hold lasting value. This might be a framed photo of your family for Grandma, a sturdy duffel bag for your adventurous brother, or a hardback edition of your sister’s favorite novel. Or it could even be a gold bar or silver coin, both of which never lose their luster, go out of style, or break.
“The most appreciated gifts are almost never the newest, flashiest thing[s] you can get. More often, they’re the useful gems that become indispensable parts of the recipient’s life,” The New York Times notes.
3. Reminisce, enjoy the present, and look to the future.
The holiday season enables us to reflect on joyous memories, relish the present, and look toward the new year and beyond while we’re sipping hot chocolate in front of a cozy fire or sitting around the dinner table.
During the season, you and your family can share an array of remembrances and wishes. From a financial standpoint, this could involve closely examining your past and current saving and spending behavior and pondering what’s next (like looking at ways to strengthen your retirement portfolio). This contemplation could lead to less spending, more saving, and a bigger nest egg.
4. Focus on financial literacy.
Educating yourself and your family members about financial literacy is a gift that keeps on giving. Sharpening knowledge about personal finances can lead to better habits related to budgeting, borrowing, spending, and saving for retirement.
“Financial literacy is critical because it equips us with the knowledge and skills we need to manage money effectively. It’s one thing that will impact almost every aspect of your life, yet many people do not have the knowledge they should, and even those who do often don’t share it with their children,” according to Cardan Capital Partners.
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5. Perform an annual review of financial goals.
The time right around New Year’s Day is a prime period to go over your family’s financial goals for the coming year. Do you want to put aside more money for your children’s college fund? Do you want to boost the share of money you’re allocating for retirement? Does your portfolio need to be rebalanced?
This financial checkup could include tax-advantaged moves like making year-end charitable contributions, maxing out contributions to retirement accounts, or transferring or rolling over some funds into a self-directed IRA for precious metals.
Ready to take the first step toward a stronger financial future for your family? Call U.S. Money Reserve to purchase gold and silver gifts and request your free Gold Information Kit now!
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