It’s the time of the year for festive parties, elaborate meals, fancy lights, gift buying, and decorations of silver and gold. There’s absolutely no question that the days between Thanksgiving and New Years challenge us with a variety of expenses. However, celebrating the Holidays doesn’t mean that Canadians need to blow their budgets. In fact, recent surveys show that Canadians are becoming conscious of their spending , holding back and budgeting this year due to a drop in the economy, stock markets and jobs:
- According to a survey released by Deloitte, a professional services firm, the majority of Canadians are planning to hold off on spending, content to only spend as much as they did in 2013 and not more.
- BMO says the average amount of money spent on gifts had dropped by 19 per cent, based on a survey of just over 1,000 Canadians
- BMO also predicts Canadian will spend $551 this year compared to $678 in 2013
In our #100Days100Ways Twitter Holiday contest, Consolidated Credit asks Canadians to share their favorite holiday savings tips. Whatever makes your list – gifts, parties, dinners, travel – use these selected tips provided by our contest participants to make your money go a little further this season, and leave your bank account financially healthy for the New Year:
- Change in a jar (@neutkidz) – Saving your change in a jar is a great way to add up your lose change at the end of a day. Remember, every little dime counts and can help you pay for Holiday gifts!
- Make a yard sale (@Seaway77) – Selling your old belongings in a yard sale on Kijiji or Craigslist, is a great way to get rid of items you are no longer using to make money for new purchases.
- Ask for a discount (@Geoff_the_Man) As the Holidays approach, don’t be afraid to ask for a discount. You never know who will be accommodating, especially as holiday cheer spreads around.
- Homemade gifts (@glogirl3) – Christmas gifts don’t have to be expensive. It’s the thought that counts .Look up do-it-yourself Christmas gifts on the internet for some great ideas.
- Re-use and recycle (@mottypark ) – Recycle your old gift boxes and ribbons to save yourself from buying new ones. You could also have a pre-used gift exchange with your friends to recycle old treasures.
- Use rewards points (@ivypluchinsky) – Save up on rewards points and redeem gifts rather than buying them. This is an alternative approach to holiday shopping that won’t break your budget.
- Comparison shop (@nicoleroannef) – Avoid impulse purchases by checking and comparing prices of store catalogues before making your decision so you can get the best deal.
We hope you use these tips to save money for a stress-free, healthy and happy Holiday season!
If you would like to share your Holiday spending savings tip, you can still enter the last round of our contest ending Dec. 18 by Tweeting your tip to @Debt_Free_2Day using the hashtag #100Days100Ways. See full contest details here.