Moolah

SHEREE LANCASTER STAR OF THE PINES WEALTH MANAGEMENT

Beware: Those Holiday Expenses Can Sneak Up on You

OH, IT’S THAT FABULOUS TIME OF YEAR AGAIN!

The weather turns cooler, kids are back to school, and the holidays are headed our way. But no worries, right? You have it all budgeted out. Or do you? If you are a faithful reader of this Moolah column, then you know not all months are the same—let alone holiday season. Every year there is something new that sneaks up and surprises us. And, yes, it normally comes with a price tag. So, as you work on your holiday plans, be wary of these eight expenses that can sneak up on you and your savings!

1. Tricky Travel—Scary extras when traveling can really start to add up. Hotel parking, hotel or inflight wi-fi, snacks on the plane/drive, checked bag fees, souvenirs and, if that travel is international,

roaming charges are just a start to a whole new list of costs. Be sure to start with a budget before you leave your house, and try as best you can to stick to it. 2. The Host/Hostess with the Most—Whether you are cooking yourself or catering in, this is always an expense that needs curbing. Plan the menu down to the ingredients and be sure to remember that family member who requires a specific dietary request. 3. Decorate Like a Rockefeller—Putting up multiple trees, putting on a ground show for airline traffic over your home, changing your color theme annually, etc. All these things are costly, especially when it comes to your electricity bill. Be sure to map out your décor and fight the urge to add on and on and on.

What you have in those stacks of tubs in the attic is probably all you need to show your festive side this holiday season. 4. Power Play—Yup, while we are on the subject of those beautiful holiday light displays, they aren’t the only contributor to that power bill going up. You will be cooking more and people will be coming in and out of the house, which can cause the heat/cooling system to run. Not to mention all your electronic forms of entertainment! It all runs on power, so keep in mind you’ll be using more energy during the holidays. 5. Goblin Gas—I saved this tip for a point of its own. Gas has been up and down this year, making it hard to plan for the cost ongoing.

And while we’ve seen a dip in gas prices recently, we never know when it will change, especially during hurricane season. Holidays are the same way. You will be running out to get this and that.

To see this person and attend that function. Plan on filling your tank more often. 6. Dracula Dress Code—OK, you know who you are. Every year you buy a whole new holiday outfit(s). It might have started with yourself but now you are buying matching outfits for everyone in the family, including the dog. Yes, it’s creating memories and wonderful photos but it can also use a bit of your savings. Just map it out, and be sure it’s a sensible tradition for your family and budget.

Whether you are cooking yourself or catering in, this is always

an expense that needs curbing. Plan the menu down to the ingredients and be sure to remember that family member who requires a specific dietary request.

7. I Couldn’t Say No—Ah, no: the most powerful word in the

English language.It’s the time of year when you get invited to all sorts of gatherings—at restaurants and bars and in people’s homes.

There’s no avoiding that you’ll be spending money attending these events. A lot of these invites come last minute too. So, think fast and decide if a cordial decline is in your budget’s best interest. Your peace of mind come January will thank you. 8. Just One More—I saved this for last. I myself am guilty of this, despite my own well-thoughtout holiday gifting list. I see something while out shopping and think, “Such and such would love this.” Don’t do it. You made a list, you checked it twice, don’t be naughty, no one is that nice … to ruin your budget over.

Here’s a final thought I’ll leave you with—a little trick I have done for years, one which makes my husband chuckle every time, even though he compliments me on it. I have a “holiday” notebook. I keep track of the gifts I give from year to year, and their cost, and then a section for “tips” for next year. It helps me budget and to be sure I don’t forget anyone. Try it out and see if it works for you!

Affiliated with Capital Investment Advisory Services, LLC. Securities offered through Capital Investment Group, Inc. Member FINRA/SIPC, 100 E. Six Forks Road, Ste. 200, Raliegh, NC 27609 919.831.2370