We are down to the wire, and now we have to make some cuts! That’s only true if you are tired of having a debt emergency at the start of every New Year. Now is the time to take a different approach to managing your holiday finances. No one wants to start the year off with a pile of credit card debt so let us help you get a grip on your holiday budget today:
Tally it up
What’s the damage so far? Create a budget by looking at how much you’ve spent up to this point and make changes to where you want to make improvements. If creating a budget from scratch is not your thing, you can download a budgeting app to help you manage your spending.
Put your chef hat on
The holidays are known for parties, shopping, dancing and then more parties. If you’re trying to cut back on your spending, start to prepare your meals at home in advance and brown bag your lunch or freeze meals for later. This way you can cut those after work trips to your favourite fast food drive thru.
Get your family involved
Grandparents love their grandkids and nothing says happy holidays more than a custom made gift from little Jayden or tiny Joslynn. So skip heading to the malls looking for a gift and let your kids create a gift that’s truly one of a kind for their grandparents.
Share experiences not gifts
The holidays are truly about spending time with the ones you love. So instead of buying just for the sake of buying gifts, you can look for ways to spend some quality time with your family. The options are endless from at home movie nights to enjoying the great outdoors on a crisp winter day.
Hosting? Ask for help
It’s a great feeling to host a get together however it can be very costly too. Don’t be shy to ask your guests to bring their own beer, favourite side dish or whatever you see fit. Not only will it save you money, but your guests will feel great as well!
Wait it out
The reality is, almost half of Canadians are living paycheque to paycheque and this time of year it can be hard to stay on top of your budget. Try to stretch your dollars further by avoiding paying for full price for anything. Instead, try to wait until the item goes on sale. There are so many sales this time of year. To ensure you are getting a good price, compare prices with the Flipp app.
What is old is new again
Consignment shops are the hidden gem in many communities. You can find like new or new items at a discounted price at a consignment shop. Besides, kids don’t care if an item is new or used, all they care about is having the chance to play with something they’ve never played with before.
Don’t spend money you don’t have
There are lots of temptations out there trying to get you to go on a charging spree with your credit card. Using your credit card is okay however if you have no idea how you’ll be able to pay back the money you just charged – that’s a problem. Unpaid credit card bills can lead to an uncontrollable mountain of debt.
If you’ve tried the above tips and you’re still struggling to stay afloat with your holiday budget, that’s okay, you are not alone. This time of year can be hard for many families. The reality is when you are trying to carry a mountain of debt; it can get very overwhelming at times. Instead of feeling overwhelmed, lessen your load by calling one of our trained credit counsellors now at . Our credit counsellors will give you the comfort you need without judgement and help you to overcome your struggles with debt.