L.A. Controller Ron Galperin released a piece titled “Holiday Financial Tips” last week, an online resource to help residents of all backgrounds better manage their spending and avoid scams this holiday season.
As the chief financial officer for Los Angeles, it is Galperin’s job to ensure that public dollars are spent efficiently and effectively, but he also wants Angelenos to remain financially stable and secure, especially during the pandemic.
“Money and finances can be a big source of stress for families during the holidays,” said Galperin. “These tips are intended to help people spend wisely, save more, fend off predatory scams, and enjoy the holidays’ debt headache-free.”
Galperin’s holiday financial tips in the report included:
- 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.
- Use cash or debit cards. Avoid using credit cards. Setting a cash allowance helps you stay within your budget. Because some stores don’t accept cash, consider using a debit card as well.
In terms of tips to help avoid scams, here is what he had to say:
- Stop identity theft. Monitor your accounts often and secure your devices. If you are traveling, notify your bank and credit card companies about your plans.
- Prevent fraud. Beware of fake charities, online shopping schemes, fraudulent contests and sweepstakes. Think twice before clicking and giving away personal information.
- Seniors beware. Keep an eye out for social security spoof calls, fake miracle health cures, callers pretending to be family members in need, and funeral and cemetery fraud.
To find more Holiday Financial Tips, check out the entire piece at lacontroller.org/holiday-financial-tips.
