How to stay on your feet when your finances are on the ropes
(TORONTO, ON) – It’s Christmas Eve and the dust has settled. You just went 11 rounds with the holiday season. You’re woozy, but you’re on your feet. But round 12 is coming up – and you are about to be peppered by Boxing Day bargains and blowouts.
According to digital offers site RetailMeNot, more than half of Canadians (51 per cent) plan to shop on Boxing Day/Week, with the average Boxing Day shopper planning to spend $285. Other survey findings include:
- Millennials are the most eager for Boxing Day; 68 per cent plan to take advantage.
- Fifty-nine per cent of Canadians plan to buy something for themselves.
- Most will go to the malls; only 39 per cent will stay home to shop online.
With a BMO survey showing that Canadians planned to spend more than $1,600 this holiday season, Jeff Schwartz worries that the extra shopping will deliver the knock-out blow to holiday budgets and leave Canadians reeling in debt well into 2016.
“If you made it this far, and you stuck to your plan, don’t blow it now,” says Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada. “Don’t get caught up in the moment and don’t let Boxing Day KO your budget.”
Schwartz and the team at Consolidated Credit are in your corner, and prepared these tips to help you bob and weave through Boxing Day/Week:
- Make moves that matter – Santa already delivered the fun stuff. For Boxing Day shopping, make your dollars count by focusing on needs over wants – winter jackets over flat screens.
- Let your credit card catch its breath – Make Boxing Day a cash-only shopping trip – your credit card just went the distance, it’s time to give it a rest.
- Be strategic – Aimless browsing equals more money spent. Know what you want, check with flyers and coupon sites, and shop with a purpose. Bring a list to the stores or put one next to your mousepad.
- Protect yourself – If you’re shopping online, make sure it is a trusted website. There should be a security icon (usually a padlock) and an “S” at the beginning of the URL (like https://www…). Monitor your credit card statements online and check your credit reports regularly to identify suspicious activity.
- Plan for a quick recovery – If the holiday season has caused you to take on credit card debt, don’t go any deeper on Boxing Day. You should aim to pay off holiday debt within 60-90 days and avoid any excess interest charges.
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.
JEFFREY SCHWARTZ IS AVAILABLE FOR COMMENT DURING THE HOLIDAYS
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]