Ways to stop holiday fights over money before they happen
Around 25% of consumers still have holiday debt from last year
WASHINGTON (Gray DC) - A study by Bread Financial found that 64% of people say they are financially incompatible with their partner.
Cherry Dale, a financial coach with the Virginia Credit Union, said there can be more arguments over money between couples this time of year.
“It would be important to have a plan at the beginning of this time and working through together and really thinking about your priorities as a couple and as a family as well,” Dale suggested.
Dale encouraged couples to work together to create a budget they both agree with. The budget could be a total spending amount for the season or a list of what to buy and who buys it. She said the most important thing is to make sure both partners agree and stick to the plan.
Dale said this is the best way to ensure couples are on the same page, especially when it comes to buying gifts for each other.
There are many guides available online to help couples, or anyone, create a holiday budget:
Wall Street Journal: How to Make a Holiday Budget—and Stick to it
NerdWallet: How to Build a Holiday Budget That Works Every Year
Consumer Financial Protection Bureau: A five-step spending plan to avoid holiday debt
Here is a roundup of previous Watching Your Wallet articles on holiday spending:
Building a holiday budget to keep you on track this season
Expert advice for holiday shopping on a budget
Don’t break your gift budget this holiday season
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