Holiday Spending Can Be A Great Topic To Introduce A Conversation About Managing Client Spend Rates Throughout The Year


Even the wealthy can be a bit delusional that their money will never run out. There are plenty of media stories that show this is true. All you have to do is think of names like Mike Tyson and John DeLorean, among others.


Although clients with over $100,000 in assets may not be planning to spend as much this year, it's a great time to broach a spend rate conversation.


Eighty-six percent say they plan to keep their holiday spending within last year's limits. Only 14% plan to spend more than they did last year.


Since money is often also associated with love, acceptance, and self-esteem, behavioral tendencies can cause people who are tired and stressed—as they often are during the holidays—to act irrationally.


Fourteen percent of those 40 and younger plan to spend big. Only 4% of those 60 and older plan to do so.
Planning ahead is key and you can help your clients avoid what is called affluenza by helping your clients become more mindful about their spending during the holidays.
Thinking ahead about how much money clients can comfortably spend should also include a list of who should receive a gift and how much should be spent for each person.
Making a budget, mapping out shopping trips, buying online and over the phone, and buying gifts that save receivers money on their expenses all can help clients save money.
Setting aside money throughout the year to spend during the holidays can be a relatively painless way to prevent the financial holiday hangover come January.


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