Preparing for Holiday Spending

The holiday season is fast approaching and it’s interesting to note that previous surveys indicate that almost 45% of us would rather skip the holidays to avoid financial stress.

The holiday season shouldn’t be about financial stress. Here are a few tips to keep your budget on track during the holiday season:

Consider a Secret Santa

Talk to your family and friends about a Secret Santa gift exchange instead of trying to buy for everyone.  Set a spending limit and then everyone gets a quality gift and no one ends up with a large credit card bill.

Have a Plan

Make a list and check it twice - Before you start shopping, set an overall spending limit and stick to it.  Review your gift recipient list, shorten it and then set a spending limit for each person on your list.

Use Your Points

If you have a points card, gifts can be purchased using points already earned. As we are not travelling much these days, use those travel points for a gift purchase and take some of spending stress out of the holidays.

Do More, Spend Less

Is it really necessary to purchase a gift for everyone? Consider giving your friends and family the gift of your time.  Those closest to you will likely appreciate quality time or a thoughtful gesture more than a purchased gift they know will cause financial stress. Spend time caroling with friends (even if it is via Zoom), crafting and decorating with family or baking with your children or grandparents.  Certificates for house cleaning, snow shoveling or a relaxing afternoon coffee date are the good times that will be remembered year after year.

Enjoying the holiday season doesn’t mean spending money you don't have!

Start your journey to financial freedom. Book your free, no obligation consultation today to connect with one of our experienced BC/Yukon Licensed Insolvency Trustees.