With grocery bills, holiday bargains, and gift giving, the holidays can be a pretty expensive time of year.
As a result, Milestone Wealth Management’s Caine Nakata believes it’s always a good idea to remind people that conserving money and cutting back during this time of year might benefit them in the long term.
“Our worry has always been that individuals struggle with retirement,” Nakata explained. “Retirement is such a significant difficulty here in our state, with the expense of living always growing and multiple generations living in the same property.”
Saving for retirement, according to Nakata, is easier said than done. With the epidemic still raging, many individuals are looking forward to spending time with their loved ones and indulging a bit.
“I think being in COVID was one of the hardest difficulties during the last two years,” Nakata remarked. “For some of these families, this may be their first time being together in over two years, so the Christmas season brings a lot of anticipation.”
Nakata believes that now is the greatest time to talk to family members about financial difficulties and develop a financial plan in case it is needed.
“We’ve seen over the last couple of years where those families who have had those conversations and, you know, addressed things ahead of time, it kind of drew them together when things happened, and those who didn’t, it really tore them apart,” Nakata said.
Scaling back and stressing necessities over wants are two measures everyone can take to take control of their finances, according to Nakata.
“Is it truly a requirement and is that really helping us break that generational curse that happens again and over again, and sadly, getting out of that requires sacrifice,” Nakata added.
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