5 Retirement Mistakes to Avoid Around the Holidays SHP Financial

The holiday season is a time of joy, celebration, and giving. However, amidst the excitement, it’s essential to make sound financial decisions to prevent regret in the New Year. Here are some common financial mistakes that people often make during the holiday season and why you should avoid them.

Excessive Spending

The season is characterized by gift-giving, decorating, and feasting, which can easily lead to overspending. The allure of discounts and special offers can also contribute to this. However, excessive spending can lead to debt and financial strain in the new year. It may be a good idea to budget your expenses and stick to it, ensuring you only spend what you can afford.

Spending Too Much on Your House

The holidays may prompt many homeowners to undertake expensive home improvements. While it’s great to have a cozy and inviting home for Christmas, spending beyond your means can lead to financial strain. Before you start any home improvement project, make sure it is necessary and fits within your budget.

Living Paycheck to Paycheck

Living paycheck to paycheck is a precarious situation that can be exacerbated during this season due to increased spending. This practice leaves no room for savings, emergencies, or financial growth. So, it may be a good idea during this season to budget and save, ensuring you have a financial buffer for unexpected expenses.

Not Having a Plan

Christmas is a season of merriment, but it shouldn’t be a season of financial recklessness. A common mistake is not having a financial plan for the holiday season. This lack of planning can lead to impulse buying and unnecessary expenses. One thing that might help you to avoid this is to plan your holiday expenses in advance. Include everything from gifts to decorations and holiday meals in your budget.

Not Saving for Retirement

Amid all the holiday festivities, it’s easy to overlook long-term financial goals like saving for retirement. However, neglecting to contribute to your retirement savings can have significant consequences in the future. Remember, every little bit counts. Even if you can only contribute a small amount during the holiday season, it’s still better than nothing.

If you’re looking for a gift to give yourself this holiday season, Click HERE to contact one of our professionals at SHP Financial for a complimentary review of your finances. They can help you get a sense of where you are at financially and guide you through the holiday season with a solid financial plan.


The content presented is for informational purposes only and is not intended as offering financial, tax, or legal advice, and should not be considered a solicitation for the purchase or sale of any security. Some of the informational content presented was prepared and provided by tMedia, LLC, while other content presented may be from outside sources believed to be providing accurate information. Regardless of source no representations or warranties as to the completeness or accuracy of any information presented is implied. tMedia, LLC is not affiliated with the Advisor, Advisor’s RIA, Broker-Dealer, or any state or SEC registered investment advisory firm. Before making any decisions you should consult a tax or legal professional to discuss your personal situation.Investment Advisory Services are offered through SHP Wealth Management LLC., an SEC registered investment advisor. Insurance sales are offered through SHP Financial, LLC. These are separate entities, Matthew Chapman Peck, CFP®, CIMA®, Derek Louis Gregoire, and Keith Winslow Ellis Jr. are independent licensed insurance agents, and Owners/Partners of an insurance agency, SHP Financial, LLC.. In addition, other supervised persons of SHP Wealth Management, LLC. are independent licensed insurance agents of SHP Financial, LLC. No statements made shall constitute tax, legal or accounting advice. You should consult your own legal or tax professional before investing. Both SHP Wealth Management, LLC. and SHP Financial, LLC. will offer clients advice and/or products from each entity. No client is under any obligation to purchase any insurance product.
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