Pure excitement is the best way I can explain my thoughts about the new feature on Orlando Community News! Fresh off of celebrating her 5th year owning and operating KRS Wealth Management LLC in downtown Orlando, Kimberly will have a monthly column on OCN to provide readers with quick tips or “talks” about their money, helping all of us to help ourselves. The column, titled “Kimberly Talks: Money Matters,” will be published on the first Monday of each month on the Business News page.  If you desire to learn more,  contact her online: www. krswm.com.         – Trish Martin

Kimberly Talks: Money Matters

“Financial Planning for the Holidays”

Plan – As the old saying goes, if you fail to plan, you plan to fail. One of the biggest mistakes we make is not planning our expenditures during the holidays. Especially if travel is one of those expenses. Book your travel early; peak travel times mean an increase in prices. Another common mistake that we tend to make during the holidays is underestimating the cost of attending all the holiday parties. We are invited to parties weekly, we need new clothes, new hairdos, gifts, etc. If we are not careful, we can find ourselves in financial trouble after the holidays.

Budget – Developing a budget for the holidays is one of the most important steps you can take to stay on track. There will be more sales than you count and it’s important to make a list and a budget and STICK TO IT! Once you have your list, you can be a savvy shopper…use coupons, check sales, and compare prices. It might require an investment of time and energy, but it will pay off in your wallet. One of the hardest rules I’ve had to learn personally is just because it’s on sale, doesn’t mean I have to buy it! A list and a budget can help you stay on track and remain focused. At all costs, we should avoid IMPULSE BUYING

Do Not Overspend –  Holiday spending can severely affect your financial health for the remainder of the year and for the upcoming New Year. Overspending is the major threat to your financial health. One of the most common areas we overspend in is gift giving. The gifts we give should be ones we can afford. There are many creative ways to tackle gift giving. One of the best ways to stay on track, is to buy gifts with cash whenever possible. If you only pay in cash, once it’s spent, it’s spent. More importantly, you should NOT go into debt giving gifts that do not fit your current budget. You do NOT want to be incurring interest and paying for gifts you bought this year over the next few months or years!

How to Avoid Common Pitfalls – I don’t want to be Debbie Downer or Negative Nellie, but if you take these simple steps, you can avoid the holiday financial pitfalls.

First and foremost, You have to Budget! Say it with me, B U D G E T
Spend ONLY what you can afford.

Download some of the shopping apps to make deal hunting easier.

Get creative in your gift giving.

No impulse purchases.

Comparison shop and use coupons and take advantage of sales.

Finally, reward yourself at a later date if you stick to the plan. A little incentive goes a long way!

– Kimberly R. Stewart