Spreading Holiday Cheer While Staying Financially Clear

Tis the season to be jolly and hopefully still be financially savvy. As the Holiday season fast approaches with 5 weekends to the most wonderful time of the year many people are eyeing their funds and trying to figure out if they are going to be a mean one like Mr. Grinch or jolly like St. Nick. It is no secret that many dread December as it can be one of the most challenging times when it comes to finances but in the spirit of optimism and joy of the season we can all get a bit of financial inspiration from Santa Claus.

Be like Santa you say and how would one do that you may wonder? Well as a symbol of joy and happiness and a great gift giver it's clear that Santa may be one of the most organized people there is. To deliver gifts worldwide and in a timely fashion we know Santa has to be on time. Let's all channel this by being timely and organized with our savings and investments.

1. Set up standing orders from now.
2. Ensure all your bills and expenses are taken care of before moving on to fun and frivolity.
3. Stick to your budget. If you have not yet done your Christmas budget, do it now. With sales abound, presents, parties and family gatherings, it is very easy to go off course. Take the time to go through your budget, include all your necessities, add your seasonal expenses and resist the temptation to stray.

Investing is also a great lesson we can learn from Mr. Claus. To have a toy workshop, a sleigh that can cross time and land barriers we know Santa heavily invests in his tools. Let us take a page out of his nice list and focus for the remainder of 2024 and into 2025 on our investments, not just in the short term but our long-term goals as well. Ladder your investments so that you have staggered maturities for years to come. Build out your long-term goals and make sure you are checking the list twice to ensure you are on track with your financial plan.

Santa most of all is a giver. In the spirit of the season let us all remember those who may not be as fortunate as us. In your own way give to those who may not have as much. Giving back does not only need to be monetary it may be with time such as volunteering, mentorship or simply a kind word.

Last but not least we know Santa doesn’t do it alone. He has an awesome team of elves, reindeers and Mrs. Claus. You don’t have to figure out your finances alone. This season before the merriment and before all the spending, set up a meeting with a licensed financial advisor on how you can meet your goals to make the season merry and bright.

Christine Rankine is Assistant Vice-President -Personal Financial Planning at Sterling Asset Management. Sterling provides financial advice and instruments in U.S. dollars and other hard currencies to the corporate, individual and institutional investor. Visit our website at www.sterling.com.jm

Feedback: if you wish to have Sterling address your investment questions in upcoming articles, e-mail us at info@sterlingasset.net.jm.