L.A. Controller Offers Financial Tips to Help Families Stay on Budget and Avoid Additional Holiday Stress
LOS ANGELES — L.A. Controller Ron Galperin today released “Budgeting Tips for Families,” an online resource to help residents of all backgrounds better manage their spending and finances this holiday season. As the chief financial officer for the City of Los Angeles, Galperin seeks to ensure that public dollars are spent efficiently and effectively, and also wants Angelenos to remain financially stable and secure, especially in the midst of a global pandemic.
“Although our holiday celebrations will feel a little different this year due to the COVID-19 crisis, money and finances remain a huge source of worry and stress for many families in Los Angeles,” said Controller Galperin. “These tips are intended to help families spend wisely, save more, fend off unwanted scams, and enjoy the holidays debt and hassle free.”
Galperin offers these five holiday tips:
- Set a budget. Review your earnings and expenses, and then decide what you can and are willing to spend on.
- Plan your shopping. Make a list and stick to it. This will keep you from buying unnecessary items and prevent overspending.
- Do-It-Yourself. Tap into your creativity and make DIY gifts or decorate with homemade items instead of store-bought goods. This is also a fun way to stay busy and spend quality time with loved ones while stay-at-home orders remain in effect.
- Use cash. Avoid using credit cards. Setting a cash allowance helps you stay within your budget. Once your cash runs out, you’re done spending. After handling cash, remember to wash your hands.
- It’s OK to just say no. Don’t buy it if you can’t afford it. PERIOD.
Galperin’s budgeting tips resource also includes information on how Angelenos can protect themselves from identity theft and scams, along with information on shopping locally to support small businesses.
Find Budgeting Tips for Families at lacontroller.org/budgetingtips.
More financial resources
These tips are part of Controller Galperin’s ongoing efforts to provide the public with financial literacy resources aimed at helping them create a solid financial future. Recent releases include How to Build a Financial First Aid Kit and his small business resource guide.