4 Ways to Be Financially Prepared for the Holiday Season

Prepare your budget in advance

By LatinoLA Contributor
Published on LatinoLA: December 18, 2015

4 Ways to Be Financially Prepared for the Holiday Season

With the holidays fast approaching, smart planning at the workplace and home can yield gifts unrealized. By combining a focus on finances, healthcare coverage, retirement readiness and preparation for life's unforeseen events, one can be ready for the season. However, knowing how to make the best use of employer-sponsored benefits can be challenging.

A recent study by Massachusetts Mutual Life Insurance Company (MassMutual) found that there is a disconnect for Latino workers when it comes to truly understanding about their employer-provided benefits. According to the 2015 MassMutual Employee Benefits Security Study, 80 percent of Latino employees claim that they know how much they spend monthly on their benefits, but only about half of them indicated that they know how much life insurance coverage their family needs, if they are on track to retire comfortably and how much they should be spending on their benefits. Learning more about employer-provided benefits can help your family make more informed decisions about selecting healthcare coverage, insurance protection, retirement savings and other benefits.

Financial education and wise planning are key to finding peace of mind in your family's financial future. Planning ahead will give you extra time to focus on what is really importantÔÇôspending time with your loved ones. Consider these tips to learn the value of planning in this season:

Prepare your budget in advance:
Plan your spending in advance: decide yourself or with your family how much you can spend. Make a list of season expenses. Remember that gifts are not your only holiday expenses. Also consider house decorations, Christmas tree and ornaments, greeting cards, and also "special" food for social and family commitments. By sticking to a budget, your decisions will be better informed you may not feel as overwhelmed when you've already planned where those dollars will go.

Review your benefits:
It's important to prioritize your benefits to fit your individual needs and budget. Health care coverage is the most important benefit unless you are already protected by a spouse's medical plan. If you are married -- especially if you have children -- securing life insurance and disability income insurance can help you protect those who matter most to you.

Explore free online planning resources:
There are many free educational resources available online, including MassMutual's recently launched MapMyBenefitsSM tool that enables employees to prioritize their benefits choices and make the most of each benefit dollar based on life stages, financial goals and personal finances.

Time is always money:
Give yourself enough time for all your holiday preparation so you will be far less likely to become overwhelmed by last minute tasks. Products can rise in price for the high spending season. Avoid stress situations with last minute shopping (it's always expensive!). Shopping online is a good solution for avoiding crowds and for hunting some discounts.

For over 160 years, MassMutual has helped people attain financial security. Don't hesitate to ask for help. Additional resources are available at

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