The holidays are meant to be a joyful time, but they can also be financially stressful. The bills can pile up quickly from gifts and dinners to parties and travel. According to a survey by PwC, shoppers plan to spend an average of over $1,600 on gifts, travel, and entertainment for the holiday season this year — an increase of 7% from last year.
So how can you make sure you’re budgeting for the holidays and sticking to it? In this week’s episode of Money Glow Up, host Tiffany Aliche speaks to Michael Liersch, head of Advice and Planning for Wealth and Investment Management at Wells Fargo. Liersch earned a PhD in Cognitive Psychology studying how the brain works when making money decisions, and he offers insight into managing financial stress, budgeting, and why people often find themselves financially strapped during the holidays.
According to Liersch, some strategies include setting a budget, prioritizing quality over quantity when giving gifts, and being open with your loved ones about what you can afford. Liersch tackles all this and more. Step into the classroom with Money Glow Up every Thursday at noon ET with Tiffany Aliche — aka The Budgetnista — to jump-start your financial journey.
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