100 Days, 100 Ways to Save for Christmas

(TORONTO, ON) – Santa Claus might still be on summer vacation, but today marks one hundred days til Christmas, and there is no better time to start budgeting for the holiday season.

To help you ring in a debt-free 2015, Consolidated Credit Counseling Services of Canada is launching its annual Twitter campaign offering one hundred daily tips on how frugal Canadians can soften the blow of the most expensive time of the year. The hash tag #100Days100Ways launches today.

Year after year, Canadians open their wallets and spend big around the holiday season,” says Jeff Schwartz, executive director of Consolidated Credit. “Some people treat it as a foregone conclusion that they will overspend and go into debt, but it doesn’t have to be that way.”

Canadians do have a tendency to leave their Christmas shopping until the last minute and use their credit cards. Moneris, one of Canada’s largest credit and debit transaction services, issued the following statistics on Christmas 2013:

  • December 23rd was the biggest shopping day of the year.
  • Transactions peaked on the 23rd between 1:45pm and 4:45pm EST, at 439 transactions per second.
  • Credit card spending growth (+2.54% year-over-year) outpaced debit card growth (+1.10% year-over-year) in the fourth quarter of 2013.

Last year, BMO reported that Canadians planned to spend over $1800 on the holidays, which was an increase of 12 per cent from the previous year. By those numbers, Canadian families would need to put away $18 a day from now until Christmas in order to stay above water and avoid relying on credit cards.

The last thing you want to do is kick off the new year with a huge debt hangover from the holidays,” adds Schwartz. “Yes, the leaves are still green, but starting to budget now will make for a much more Merry Christmas.”

Throughout the one-hundred day campaign, Consolidated Credit will be providing links to informative articles, budget tools and spending worksheets. To stay up to date on Consolidated Credit’s holiday savings tips, follow the organization on Twitter @ConsolidatedCA or #100Days100Ways.

About Consolidated Credit Counseling Services of Canada, Inc.:

Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.

For more information or to request an interview with Jeffrey Schwartz, please contact:

Jacob MacDonald, Manager of Community and Public Relations, Consolidated Credit Counseling Services of Canada, Inc., T: 416-915-7283 ext.1041, C: 647-390-5253, F: 416-915-5200, E: [email protected]

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