Financial Planning for the Holidays: 5 Uncommon Tips

Nov 7, 2023

Holiday planning often centers on not overspending. While it’s wise to budget and prepare for expenses, there is more you can do to savor the season.

Here are five tips to plan for a meaningful, charitable, stress-free, and safe holiday.


1. Plan for a meaningful holiday. 

Many believe the holidays are too commercial. Whether you agree, the greed of consumerism is a roadblock to financial independence for all Americans, and the holidays are better off without it.

As we share in Financial Planning for a Meaningful Life, to create a meaningful life (and holiday season), it’s important to:

  1. Plan intentionally.
  2. Plan realistically.
  3. Plan for the experience.
  4. Plan to eliminate fear and greed.
  5. Plan with someone you trust.

Talk to a financial partner now and decide how you can have a meaningful holiday that aligns with your overall financial plan.


2. Plan for a charitable holiday. 

Are you planning to give to your family, friends, church, or community? Talk to an advisor to learn what strategies will work best.

For example, one tax-efficient option is to donate your stock to charity.


3. Plan for a stress-free holiday.

To eliminate nagging tasks, hit your end-of-year checkpoints now. This may include:

  1. Taking your Required Minimum Distribution. Learn more at A Guide to Required Minimum Distributions (RMDs): 3 Things to Know.
  2. Making a Qualified Charitable Distribution (QCD). If you’re at least 70 ½ years old, this is another tax-efficient giving strategy your advisor can help you with.
  3. Making a Roth Conversion. If this makes sense for you, consult your advisor before the end of the year.
  4. Splitting IRAs into Separate Accounts. If you lost a loved one last year and were one of the beneficiaries of their retirement account, you can split the account before the end of the year.
  5. Taking 72(t) Distributions. If circumstances require you to pull from your retirement accounts early, talk to your advisor before the end of the year to see if this is an option.


4. Plan for a safe holiday.

While the holidays are not a time to be cynical, you can still be smart. In the hustle of shopping and the season of goodwill, it’s important to stay aware.

Review Elder Financial Fraud for a quick refresher on how to protect yourself and your loved ones from scams so you can enjoy the holidays worry-free.


5. Plan for after the holidays.

If you work with Credent, you’ll receive a check-in call from your team in January. Prepare now by thinking through what has changed, what questions you have, and what you want to achieve next year. We’re here to help you succeed!

If you don’t have an advisor to help you accomplish your financial goals in the new year, now is the time to start.


To learn more about planning for the holiday season, email our team at  [email protected] 

Schedule an appointment with an advisor in your area.