Andrea Woroch

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Use these practical strategies to help you navigate seasonal spending in a less stressful way. Amid all the joy and cheer the end of the year brings, the holidays can be a hectic — and expensive — time. Purchasing gifts for loved ones, making travel plans, attending parties and enjoying the multitude of festive celebrations and events that crop up can end up putting a strain on one’s finances and detracting from the positive spirit of the season.  But whether money is a bit tight this year or you are working toward a particular financial goal, you don’t have to sacrifice holiday cheer to stay on track with your spending. Consider implementing one or more of the following tips, as recommended by the financial experts of Kiplinger Advisor Collective, to help you avoid overspending and enjoy this special time with your family and friends.

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In the world of credit, responsibility is greatly rewarded. If you’ve ever set up a credit card, you’ve likely heard the term “credit score.” This number helps creditors determine how likely you are to pay bills or pay back loans should you borrow money. This number can affect many aspects of your life, including your ability to rent an apartment, purchase the house you want, take out a loan or even buy a car. Having a low credit score can hold you back from reaching your full financial potential and accomplishing your goals. And while raising your score may seem like a huge hill to climb, there are a number of simple strategies you can use to help yourself get to the top faster. As financial leaders, the members of Kiplinger Advisor Collective know how frustrating it can be to have a number dictate your future. Here, they share easy tips anyone can use to improve their credit score, build better financial habits and take back control of their money.

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Getting aligned early on is the best way to set you and your spouse up for a successful future. In marriage, it's all about being on the same page. Will you purchase a home in the suburbs, or rent a condo in the city? How many children will you have, if any at all? What values are most important to you? There are many important topics to discuss and align on (or at least compromise on) if you want your marriage to stand strong against the pressures of time.  But one area many couples struggle to agree is money. Whether that means how to spend it day to day, or what goals to start saving toward, disagreement in this area can spell disaster for even the best relationships.  If you’re having a hard time getting your spouse to engage in financial discussions or get on board with the financial plan or goals, the experts of Kiplinger Advisor Collective are here to help. Below, they offer up their top tips for how couples can approach financial alignment in a way that will strengthen their relationship for the long term.

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Learning what not to do can put you on a better path to success. In finance, there are all sorts of best practices that can help you build wealth and gain confidence with money. However, for every best practice, there is an equal number of bad practices that can derail your progress or even completely jeopardize your future success.  And while failing to build a budget or letting ‘lifestyle creep’ take hold may not seem like they will have a major effect on your finances, it’s often the small mistakes that can lead to big trouble down the line. As leaders in the financial industry, the members of Kiplinger Advisor Collective are familiar with the kinds of mistakes that can negatively impact a person’s overall success with money. Here, they each share one financial “don’t” (or mistake) they always advise their clients to avoid, why and the impact it can have on their future. 

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Having a plan in place can give you peace of mind during a crisis. As more and more company layoffs are announced, employees across industries are worrying about their financial well-being. Will their company be the next to surprise its workforce with a round of cuts? How will they take care of themselves and their family if they no longer have an income? How long will it take them to find a new job? While you can never totally predict the future, there are steps you can take to help prepare for it. If you’re worried about potential layoffs at your company or in your industry, or you’ve been laid off from your job already, consider the following advice from the financial experts of Kiplinger Advisor Collective. Here, they discuss the steps you can take to help prepare your household for a layoff, get back on your feet after a layoff and ease your financial fears during an uncertain time.

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Saving money can be as simple as a quick phone call. Lots of people are interested in saving more, but they don’t always want to change their lifestyle in order to do it. Especially when you have a large amount to save or haven’t started saving at all, it can be difficult to find the motivation to cut back on the things that bring you joy. However, saving, even if it’s just a little bit each month, is an important part of your wealth-building journey. It not only ensures you have cash to fall back on when emergencies eventually arise, but it also allows you to make larger purchases and afford the kind of lifestyle you aspire to have in the future. So does that mean you have to cut way back on your lifestyle now in order to save for the future? According to the money experts of Kiplinger Advisor Collective, that doesn’t have to be the case. Here, they discuss little (but effective) ways anyone can easily save money each month without compromising their overall lifestyle or sacrificing joy.