What's Happening?
Regina McCann, a financial planner and founder of Forge Wealth Management in Malvern, Pennsylvania, shared insights on managing personal finances as the holiday season approaches. Speaking with CBS News
Philadelphia's Jim Donovan, McCann emphasized the importance of assessing financial health before the year's end. She suggested creating a budget to track spending, prioritizing essential expenses, and considering long-term financial goals. McCann also recommended reviewing credit card statements for any discrepancies and planning for potential holiday expenses to avoid overspending.
Why It's Important?
The holiday season often leads to increased spending, which can impact personal financial stability. By taking proactive steps to manage finances, individuals can avoid debt accumulation and financial stress. McCann's advice is particularly relevant as consumers face economic uncertainties, including inflation and fluctuating interest rates. Proper financial planning can help individuals maintain control over their finances, ensuring they can meet both immediate and future financial obligations without compromising their financial health.
What's Next?
As the holiday season progresses, individuals are encouraged to continue monitoring their spending habits and adjust their budgets as necessary. Financial planners like McCann may offer additional workshops or consultations to assist clients in navigating financial challenges during this period. Consumers should remain vigilant about their financial decisions, especially as they approach the new year, which often brings new financial resolutions and goals.
