Tom Smart, Deseret News
SALT LAKE CITY — Budgets and Christmas spirit aren't always the best of friends when excitement in gift giving overrules fiscal wisdom, but a Kiplinger live chat with personal finance advisors addressed how to maintain a budget during the holidays.
Rich Frazier, CFP of Frazier Financial Consultants, suggested discussing with a spouse — or else determining yourself — what amount will be spent during Christmas the coming year. Each month throughout the year, set aside a designated amount of money to create a Christmas fund.
Kiplinger supported the separate account for the Christmas season.
Sitting down and making a list of people you need to get presents for and a possible gift, as well as the dollar amount, helps determine how much needs to be saved, as was suggested by Lea Ann Knight of Garrison/Knight Financial Planning.
"That way," Knight said in the Wednesday chat, "the impulse buys can be kept to a minimum."
Shopping throughout the year for Christmas gifts allows the gift to have year-round use, as well as saves you money, as long as it is tracked and you stay within your budget, said David John Marotta, the CFP, AIF and President of Marotta Wealth Management, Inc.
- 2 Utah high schools ranked among the best in...
- McCostly: Where to get the cheapest Quarter...
- 'Mantiques' could be a ticket to more cash
- Want more success in the workplace? Make...
- The Mortgage Professor: Escrow can raise...
- US rate on 30-year mortgages rises to 3.59 pct.
- Star Trek money tips to live long and prosper
- US unemployment aid applications fall to 340K
- US unemployment aid applications fall... 6
- AIG CEO tells college graduates facing... 5
- Star Trek money tips to live long and... 4
- 2 Utah high schools ranked among the... 4
- Is another housing bubble looming on... 3
- 'Mantiques' could be a ticket to more cash 2
- Dave Ramsey says: In unique... 1
- Americans spent $61.4 billion on pets... 1