Arrowhead Wealth Partners Newsletter - October 2023

Arrowhead Wealth Partners Newsletter - October 2023

October 10, 2023

Closing out 2023

It is hard to believe we are already in the last quarter of 2023. We hope you have had a great year, and we continue to appreciate your trust and support of Arrowhead Wealth Partners!

In this newsletter, we highlight some helpful financial tips as we head into the end of the year and the holiday season quickly approaching.

The Arrowhead Team

Tis the Season to Budget Wisely: Your Guide to Stress-Free Holiday Spending

The holiday season is fast approaching, and with it comes the excitement of festivities, gift-giving, and quality time with loved ones. However, it's also a time when many people find themselves overwhelmed by the financial strain of holiday spending. This year, let's make a pact to enjoy the holidays without breaking the bank. In this newsletter, we'll explore some practical tips on how to budget for the holidays and keep your financial stress at bay.

  1. Start Early

The best time to begin planning your holiday budget is now. Waiting until the last minute can lead to impulsive spending and unnecessary stress. Start by making a list of all the holiday-related expenses you anticipate, including gifts, decorations, travel, and special meals.

  1. Set a Realistic Budget

Once you've outlined your expenses, establish a budget that aligns with your financial situation. Be honest with yourself about what you can afford. Setting a realistic budget is the cornerstone of responsible holiday spending.

  1. Prioritize Spending

Not all holiday expenses are created equal. Prioritize your spending by allocating more funds to the things that matter most to you and your family. Consider the meaningful experiences and traditions that make the season special.

  1. Create a Gift List

Make a list of everyone you plan to buy gifts for and allocate a specific amount for each person. Remember that thoughtful gifts don't have to be extravagant, and some of the most cherished presents are those that come from the heart.

  1. Shop Smart

Take advantage of sales, discounts, and promotions to stretch your budget. Consider shopping online to compare prices and find the best deals. Don't forget to account for shipping costs and delivery times.

  1. DIY and Handmade Gifts

Consider the personal touch of homemade gifts or crafts. Not only can this be more budget-friendly, but it also adds a unique and sentimental element to your holiday celebrations.

  1. Avoid Impulse Buying

When you're out shopping, it's easy to get caught up in the holiday spirit and make impulsive purchases. Stick to your budget and your list to avoid overspending.

  1. Monitor Your Expenses

Keep track of your holiday spending as you go along. There are numerous apps and budgeting tools available to help you stay organized and on track.

  1. Plan for Post-Holiday Expenses

Don't forget to budget for expenses that come after the holidays. This will help prevent a financial hangover in January.

  1. Embrace the Spirit of Giving

Remember that the holidays are about more than just material gifts. Consider giving the gift of your time, love, and kindness. Acts of service and spending quality time with loved ones can be just as meaningful as any store-bought present.

In conclusion, with some careful planning and a commitment to budgeting, you can enjoy the holiday season without the stress of overspending. Take the time to create a budget that works for you and your family, and remember that the true spirit of the holidays lies in the love and joy we share with one another.

Wishing you a joyful and financially responsible holiday season!

Open Enrollment Season 2023

With Open Enrollment season approaching, you may have decisions to make soon! This time generally affects people in all walks of life, whether you are covered under employer benefits, have private health insurance from the marketplace, and even those currently covered by Medicare.

A few items to consider addressing during open enrollment are;

  • Life Insurance - Do I have enough? Should I enroll through work or get my own policy?
  • Retirement Contributions - Does my current contribution rate keep me on track for my goals? 
  • HSA/FSA Contributions - What do I hope to accomplish with these contributions? Am I utilizing these accounts the best I can?

If you have any questions during these months about benefit options and how they fit into your financial plan, please feel free to reach out. We are happy to help!

Upcoming AWP Events

We hope you can join us for these upcoming events!

2024 Market Outlook

  • Wednesday, January 17th at 5:00 PM
  • Details and RSVP information will come out closer to the event

Arrowhead Wealth Partners was founded to serve the needs of ordinary people who want well-regarded professionals to manage their investments and guide them towards successfully meeting their financial goals.