4 Tips to Get Financially Prepared for Holiday Spending

November 13, 2020

Tony Zabiegala, Chief Operations Officer and Senior Wealth Advisor

Black Friday is just two weeks away, which means it’s nearly the official start of the holiday shopping season. While it’s natural to feel generous this time of year, that doesn’t mean you should put your financial well-being at risk in the process.

Here are four ways to give during the holidays without breaking the bank:

  1. Understand your spending limits: Before you dive headfirst into holiday shopping, you must first understand your gifting budget. Your holiday budget is dependent upon your discretionary income spending, which is the cash leftover after you pay taxes and other necessary living expenses. You never want to deplete your emergency savings or, even worse, go into debt as a result of holiday shopping. Doing so would have long-term consequences to your lifestyle and retirement savings.
  2. Save now: Find a comfortable amount to set aside from each paycheck for holiday spending. You can save the “old school way” by stashing cash in envelopes, or the “new school way” by setting up an automatic transfer from your checking account to your savings account.

    Consider making personal spending sacrifices and cutting other lifestyle expenses to bolster your holiday shopping savings. Instead of ordering takeout three nights a week, for instance, try going to the grocery store and preparing your own meals.

  3. Be smart with credit card purchases: If you’re going to purchase gifts using credit cards, clear your balance as soon as possible so you don’t rack up debt and have to pay unnecessary interest payments. If you find yourself overspending, make purchases on your credit card with the lowest interest rate so you can pay off any accrued debt in short order.
  4. Search for online deals early and often: Online shopping will be very competitive this year as consumers steer clear of brick-and-mortar stores amid the pandemic. As a result, you should start browsing now to establish a base cost and identify deals as they come along. Be a smart, thrifty shopper and do your homework to avoid unnecessarily expensive purchases.

Following these strategies will help you enjoy the holidays without excessive financial stress. For more tips, please feel free to contact me at 216.800.9000.


About the Author:

As Chief Operations Officer and Senior Wealth Advisor with Strategic Wealth Partners, Tony manages two highly important roles. He draws from his diverse array of skills to help clients achieve their financial goals while also making sure SWP runs like a smoothly functioning, client-centric advisory firm. He strives to provide clients with superior service, while... read more...

Send a message to
Tony Zabiegala
Reach Out
Schedule a Virtual Meeting
Book Now

Stay up to date on all the latest blogs.

All we need is your email.
  • This field is for validation purposes and should be left unchanged.


Share It




Walk Away Wealthy Book Offer



Exceptional Wealth Book Offer

About the Author:

As Chief Operations Officer and Senior Wealth Advisor with Strategic Wealth Partners, Tony manages two highly important roles. He draws from his diverse array of skills to help clients achieve their financial goals while also making sure SWP runs like a smoothly functioning, client-centric advisory firm. He strives to provide clients with superior service, while... read more...

Send a message to
Tony Zabiegala
Reach Out
Schedule a Virtual Meeting
Book Now