Holiday Season Deplete Your Savings

 The holiday season is a period of joy and celebration, but it can be a time of financial stress if you’re not careful. John Labunski, a certified financial planner, warns that spending too much during the holidays can deplete your savings and leave you with a debt hangover in the new year.

John Labunski recommends developing and sticking to a budget for your holiday shopping. Creating an itemized list of everything you need to buy will help you keep track of how much money you’re spending. Consider using cash or debit cards instead of credit cards to prevent going into debt during the holidays. If possible, try to pay off any lingering debts before starting your holiday shopping so that your finances don’t become overextended. Additionally, Labunski suggests setting aside some funds for post-holiday expenses like taxes or repair costs.