escalate into a war that no
one wants. Selena weighing CNN.
Beijing. >> We may still be in summer,
>> We may still be in summer,
but the holiday season will
be here before you know it
while you might not start your
holiday shopping it it’s a
smart move to begin planning your finances. Now, local
your finances. Now, local
financial professional Ryan
Willis from allied well joins
us with for tips to get you
started. Good morning. And
thanks so much for
joining us. >> Hey, good morning. Thanks so
>> Hey, good morning. Thanks so
much for having me on is great
to be here. Absolutely. So
first question, how can our holiday spending affect our
holiday spending affect our
overall financial situation?
>> Well, it can be a big, big
impact. And if you think about
American spent 886 billion dollars during the holiday
dollars during the holiday
season in 2021 now to put that
in perspective, a million
seconds is equivalent to about 2 weeks
2 weeks
in time. A billion seconds is
equivalent to 32 years in time.
So that kind of gives you a
perspective on how much is
actually spent and many of us, unfortunately, are still
unfortunately, are still
recovering from the financial
strains brought on by the
pandemic. We don’t have as much
money saved for the holidays
this year. And as we’ve been in
the past and out of situations
where we’ve got to figure out
what to do.
>> So what tips do you have to
start planning for Christmas?
>> Well, the biggest one I
would tell you to do, folks is
we see it time and time again.
People come in and they are
right around this time of year,
maybe even later in the year
around November, they get last year’s debt paid off right from
year’s debt paid off right from
the holidays and they wrap it
up again. And they’re this
vicious cycle over and over
again of being a debt all year
long to pay for gas. And then
you watch the gifts that give the children the other people a
the children the other people a
lot of gifts are broken or,
you know, there’s parts
scattered all over the floor to
step on the way to the coming
up on the morning of whatever it
is. So but the idea is is put
pen to paper, figure out the
warning you to and then budget
for that accordingly and start that now. Don’t wait until you
that now. Don’t wait until you
know you’re up against the
holiday. Deadlines are trying
to run at the last minute.
Get yes, that’s what they.
>> And do you have any tips for retire? Ease who are on a
retire? Ease who are on a
budget.
That’s extremely important when
you go on to retire. But
general, a fixed income.
>> At that point in time, you
know, grandma, Grandpa will
need to have a conversation with the kids. The grandkids
with the kids. The grandkids
pay. We’re tired now, but we
did things the past things
different in the future and
what we’ve done in my own
family actually is we’ve been braced wide open, which is
braced wide open, which is
turned out to be a lot of
funding, put a cap on July 20
bucks and that’s all you can
spend and the wild the
Christmas Party is something we
or 2 in our family. It costs you 20 bucks, right? So there’s
you 20 bucks, right? So there’s
ways to have still have a lot
of fun. Really enjoy the
holidays. If you’re retired. >> Any suggestions or ideas
>> Any suggestions or ideas
on a price cap that the you
know how much you should spend
on family members, friends,
colleagues.
>> Well, it depends on how many people you want to buy for.
people you want to buy for.
And maybe if you’ve got 10
people you want to buy for your
buddies, 500 bucks. Put a price
cap of $50 yet. Maybe you can
afford a bit more than that maybe can for little less but
maybe can for little less but
put a price cap will not get
folks of us. Remember what the
holidays are all about, not
getting together with family
reflecting on the year. Enjoy the good times. Not so much
the good times. Not so much
about what you buy, what you
get. You know, my but my the
biggest Christmas present
anybody can give me is not
having to go deal with the
shopping. Malls are not making
me feel like I have to deal with the shopping malls of the
with the shopping malls of the
Christmas time. You know, buy
you a gift if you’re buying
the right. So just remember
what the holidays are about
neck and really help out in a
big way. >> And always keep in mind, if
>> And always keep in mind, if
you if you’re going to use
those credit cards, the who
says interest rates are really
going to get you want to try
and pay down that debt. If you
can’t pay everything off at
once. >> For sure. And we know we’re
>> For sure. And we know we’re
in inflationary environment in
the Federal Reserve Bank is
raising rates on all the dead
on the rich. Get it right right
now. What’s going to directly impact the ration or credit
impact the ration or credit
cards? And so it’s a vicious
cycle that really love the bow
to Houston. If you’re in the
situation to get off of,
remember, don’t rack up a
credit card a November December to give gifts and then work all
to give gifts and then work all
year to pay all and then you do
it right again between November
December, do something
different and takes a little
bit mindset change and raissa wife but white help and do a
wife but white help and do a
watery right. So we’re going to
buy, you know, one person is
going to buy for one person
were not by everybody. There’s
certainly something that you
can do to help mitigate that
stress. Yet. There’s always tricks of the trade that you
tricks of the trade that you
can use right?
>> For sure. And we’re glad to
help out folks today creating a
budget would do that for
clients all the time. Now I
will. It’s not fun, right?
Nobody wants to live in a budget. But when you get your
budget. But when you get your
time is very important to do so
certainly is.
>> Financial professional Ryan
Willis from Allied Wealth.
Appreciate your insight and