Show-Me State Times

The holiday season is a time for celebration, but it can also bring financial stress. Andrew Zumwalt, chair of the University of Missouri’s personal financial planning program, offers advice on managing finances during this period.

Zumwalt suggests creating a spending plan to prioritize spending on gifts and activities. He advises focusing on what recipients would truly appreciate and avoiding gifts that might not match their preferences.

For tracking expenses, Zumwalt recommends using simple methods like a notebook or an app. The key is to keep track without overthinking the process.

When it comes to sales and promotions, Zumwalt emphasizes comparing prices across stores and being cautious of impulse buying. He notes that clearance items often offer the best value.

On payment methods, he points out that consumers tend to spend more with credit or debit cards than cash. It's important to set limits and stick to them.

Zumwalt also shares creative ways to save money on holiday traditions by balancing plans with loved ones' needs and focusing on lasting traditions rather than costly activities.

To avoid starting the new year with financial stress, he suggests keeping a picture labeled "future self" as a reminder before making purchases that could bust the budget.

Finally, for future holiday savings, Zumwalt advises setting a date in January to reflect on spending habits and planning differently for next year rather than splitting focus during the holidays.