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4 Thanksgiving Lessons for a Feast-Worthy Financial Plan

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Mother and son making a Thanksgiving pie, symbolizing financial planning and family budgeting

Thanksgiving is a holiday for spending time with loved ones, being grateful, and perhaps enjoying a bit of overindulgence. There are many financial lessons to be had in planning, preparing, and celebrating this annual feast.1 Here are four Thanksgiving lessons that might help your household’s financial plan year-round.

Planning is the Key to Preparation

You cannot expect to whip together a flawless Thanksgiving meal if you do not begin planning and preparing at least a few days in advance. Similarly, you cannot put together a strong budget and financial plan if you do not know where your money is going or if you do not plan for expenses before they occur. Track your expenses for a few months using a budgeting app or even the old-fashioned method of using a pen and paper to see what you are working with.

Balance and Moderation are Crucial

Just as overindulging in turkey, ham, or heavy side dishes may leave you feeling groggy and lethargic for the rest of the day, overindulging in spending might leave your budget in a mess.

One way to cut your monthly outflow with little impact is to go through your budget with a fine-toothed comb and eliminate any expenses not currently adding significant value to your life. Could you put a monthly subscription on pause? Do you really need an extended warranty on a high-quality item? By rigorously evaluating what your regular expenses contribute to your life, you may make cuts of nonessential items and then be able to indulge where it matters.

Plan for More Than You Need

When planning a Thanksgiving meal, preparing more food than you think you might need is probably a good idea. Not only may this help ensure you have enough for any extra guests who might show up, but this method also allows you to send leftovers home with guests. In the budget context, building in some extra wiggle room when estimating expenses may help prevent falling short at the end of the month.

Money is Important, But Not the Most Important

As the saying goes, “Money isn’t everything,”—and this is never truer than at Thanksgiving, when time spent with loved ones is paramount. Even if you have ample financial resources and a healthy budget, if you do not have those human connections, you may still struggle to identify a sense of purpose. While you are working on your financial plan, be sure to work on your relationships as well.

Enjoy your Thanksgiving holiday with friends and family by using these tips and then take a hard look at your financial plans. It may help to work with a financial professional when reviewing your assets, expenses, retirement plans, and other financial goals to have a balanced approach to budgeting and expenditures. Always be grateful for what you have and take good care of yourself. For more information on financial planning, contact Amanda Myers by calling (219) 324-0137 or send an email to [email protected].

Check the background of investment professionals associated with this site on FINRA’s BrokerCheck.

1st Source Bank provides referrals to financial professionals of LPL Financial LLC (LPL) pursuant to an agreement that allows LPL to pay the Financial Institution for these referrals. This creates an incentive for 1st Source Asset Advisors to make these referrals, resulting in a conflict of interest. 1st Source Bank is not a current client of LPL for brokerage or advisory services. Please visit https://www.lpl.com/disclosures/is-lpl-relationship-disclosure.html for more detailed information.

Securities and advisory services are offered through LPL Financial, a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. 1st Source Bank and 1st Source Asset Advisors are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using 1st Source Asset Advisors, and may also be employees of 1st Source Bank. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of, 1st Source Bank or 1st Source Asset Advisors. Securities and insurance offered through LPL, or its affiliates are:

Not insured by FDIC or any other government agency. Not bank guaranteed. Not bank deposits or obligations. May lose value.

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Important Disclosures

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

This article was prepared by WriterAccess.

LPL Tracking #1-05377994

Footnotes

1 Put Thanksgiving Lessons to Work in Your Financial Plans
https://tulsaworld.com/put-thanksgiving-lessons-to-work-in-your-financial-plans/article_9aa3dff1-6a5b-5dc5-ac2a-164a9c02a6e7.html

 

Amanda Myers

Financial Consultant

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