4 Steps to Financial Wellness This Holiday

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Discover 4 essential steps for financial wellness during the holidays. Secure your future with safe money alternatives. Learn more at SafeMoney.com. The holidays are approaching, and everyone is stepping into high gear. From Thanksgiving dinners and seasonal gift shopping to family get-togethers, these are busy but joy-filled times. Aside from the festivity, fellowship, and merriment, though, it can also be financially stressful for many households. The holiday season brings more pressure to spend, and this can put strain on retirees, many of whom live on a fixed income. For lots of Americans, there’s also the issue of personal debt. Having the pressure of growing debt loads, many people feel the impact of debt on their retirement goals , not to mention other objectives. And excessive holiday spending can be partly to blame. A survey by NerdWallet found that 24% of shoppers overspent last year, while 27% made no budget at all. The good news is with the right steps, financial wellness is within reach. If you are in your 50s or 60s, it’s prudent to start taking steps to set goals, plan for the future, avoid financial missteps , and make changes so your money works for you. Here are some steps to get your financial house in order for the year-end and for greater financial confidence in the future. Steps toward Financial Wellness 1. Control spending during the holidays. Sure, it’s the season of gift giving, but excessive spending can put a dent in household income. According to the National Retail Federation, people plan to spend an average of $967.13 – a 3.4% bump from last year. And when it comes to household spending , retirees sometimes can rank near the top. In the survey by NerdWallet, 63% of baby boomers admitted to using debt to finance spending in 2016. In another study by AARP, 25% of grandparents said they spent over $1,000 on their grandchildren. Overall, 95% said their spending was for holiday gifts. Travel is also a high-expense item for retirees. Merrill Lynch found that nearly 1 in 10 retired households (7%-8%) spend 25% of their annual income on traveling.  While budgeting and planning can promote spending control, they may only go so far. Personal finance experts point to a spending ceiling as a helpful stopgap to hold yourself accountable. With tha