Michael Liersch | Source | Head of Advice & Planning at Wells Fargo

Michael explains that money dysmorphia involves a "negative perception of finances," causing anxiety and distorted behaviors. Signs include constant worry and lying about finances. It can strain relationships and hinder goals. He suggests aligning perceptions with reality, seeking advice, and adopting an abundance mindset. Small, intentional changes can help overcome this mindset, empowering individuals to achieve financial security.

Michael suggests involving guests in planning to maximize fun and minimize costs. "Share both effort and financially," he advises, by assigning meal responsibilities. Set a gift budget or organize a gift exchange to ease financial pressure. These strategies ensure a joyful holiday without overspending.

Michael Liersch of Wells Fargo shares three tips for grandparents to manage a budget for grandkids: value-driven gifting, total annual budgeting, and intentional monetary gifts. This approach aligns with personal financial goals and emphasizes financial responsibility.