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A16 December 2021 • Community • www.lwca.com YOUR POCKETBOOK Be Financially Prepared for the Holidays Sound advice in uncertain times: call us. Ameriprise has helped clients navigate challenging economic times for over 125 years. Now as always, we’re here to inform and support you with ongoing market updates, investment recommendations and personalized advice to help keep your plans on track and your goals clear. Together, we’ll focus on what matters most to your financial life. Call us today to discuss your goals. Investment products are not federally or FDIC-insured, are not deposits or obligations of, or guaranteed by any financial institution, and involve investment risks including possible loss of principal and fluctuation in value. The Compass is a trademark of Ameriprise Financial, Inc. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP (with plaque design) in the U.S. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved. (08/21) Steven Rabin CFP®, CRPC®, APMA®, CDFA®, ChFC® Private Wealth Advisor and Managing Director 480.396.6040 srabin@ampf.com rabinbarkat.com CA Insurance #0G50311 AR license #6746775 161 E Rivulon Blvd, Ste 108 Gilbert, AZ 85297 Rabin, Barkat & Associates Wealth Advisors A private wealth advisory practice of Ameriprise Financial Services, LLC Joseph Barkat, CRPC®, APMA®, CDFA® Private Wealth Advisor and Managing Director 480.641.9188 jbarkat@ampf.com rabinbarkat.com CA Insurance #0E48560 AR license #7940857 By Steven M. Rabin The holidays can push budgets past their limit since people do more entertaining, attend more events, dine out and participate in gift exchanges. Whether you are gathering in person or celebrating at a distance this year, it will be tempting to overspend. Here are some tips to help you plan for a less financially hectic 2021 holiday season. Create Holiday Budget: The last month of the year offers many opportunities to splurge. Prevent unfettered spending by setting a “do-not-exceed” dollar amount for holiday-related expenses. Include all purchases tied to the season, from gift giving to refreshing your holiday wardrobe, buying decorations, entertaining and more. Track Expenses: A budget is only useful when you track your expenses against it. Keep receipts for purchases and tally expenses at the end of each shopping excursion. Check your totals to make sure you are not exceeding your budget — are prepared to make returns if you have. Manage Expectations: The COVID-19 pandemic continues to affect global supply chains, causing disruptions in many different and surprising product categories. Merchants of all sizes will have product shortages and may offer less merchandise choice overall. Prices will also be higher, driven by increased demand, inventory shortages and higher-than-normal inflation. And do not expect fire sales as we get closer to the holidays. Retailers will unlikely discount a product that is flying off the shelves. Shop Early: More than ever, this year you will want to give yourself plenty of time to do your holiday shopping. Both brick and mortar and online stores will be affected by the supply chain challenges. Be flexible. You might have to spend more time looking for what you want. You may need to switch gears if you cannot fulfill your initial wish list. And if you need to ship your gifts, keep in mind that the holidays always cause shipping delays, but this season, the slowdown is predicted to be greater than usual. Plan for Increased Shipping Costs: In addition to inflated prices on general merchandise, shipping costs are also spiking upward. The U.S. Postal Service has announced price hikes, and other major shipping carriers are also raising their prices to counteract higher oil prices and staffing shortages. Give Differently: If the gifts you want to buy are in short supply or “things” are not your thing, consider ticking off your gift list by giving experiences. Local restaurants are eager to make up for months of lost business. Likewise, theaters and sporting events are finally opening up and need to fill seats that have been empty for too long. You could also consider giving financial gifts to your loved ones such as a partially funded savings account, Roth IRA, savings bond or an appointment with a financial advisor. And finally, charitable donations are becoming more popular as holiday gifts, especially if the nonprofit is meaningful to the recipient. Follow these tips this holiday season to give wisely and avoid overspending. -Steven M. Rabin, CFP, CRPC, APMA, CDFA, ChFC, is Managing Director of Rabin, Barkat and Associates Wealth Advisors. Rabin, Barkat & Associates Wealth Advisors, a private wealth advisory practice of Ameriprise Financial Services, LLC in Mesa, AZ. We specialize in fee-based financial planning and asset management strategies and have been in practice for a combined 42 years. Contact us at, www.rabinbarkat. com, 480-396-6040, 161 E Rivulon Blvd. Ste. 108 Gilbert, AZ 85297 or 16220 N Scottsdale Rd. Scottsdale, AZ 85254. Investment advisory products and services are made available through Ameriprise Financial Services, LLC, a registered investment adviser. Ameriprise Financial Services, LLC. Member FINRA and SIPC. © 2021 Ameriprise Financial, Inc. All rights reserved.