8 Tips for Keeping Your Holiday Spending in Check
The holiday season is one of giving, which often means it is also the season of spending. Help take the stress out of the holiday season by creating and sticking to a holiday budget plan to keep you from overspending.
You’ve made your gift list and checked it twice – but have you calculated how much all your holiday shopping is going to cost?
According to a 2019 spending outlook complied by PricewaterhouseCoopers it is estimated that Canadians will be spending as much as $1,593 each this holiday season (up 1.9% from last year’s numbers). The good news is that there has been a a slight decline in the number of Canadians who spent more than expected on their holiday shopping from 2017 to 2018 (42% vs. 40%), according to a study from CNW group/RBC Royal Bank.
This holiday season, keep your spending in check with these eight practical tips:
8 Tips for Keeping Your Holiday Spending in Check
1. Set a spending limit
Setting a budget should always be your starting point. Make a list of everyone you wish to purchase gifts for. Don’t forget about including other holiday expenses such as additional food and beverage costs if you’re hosting, decorations, travel and accommodations, donations etc. to keep it as realistic as possible.
Review your finances to determine how much disposable income you can comfortably spend on holiday purchases without overstretching yourself. Do not plan to spend more than you have saved with a plan to pay it off later. Paying for holiday gifts on a credit card is never a good idea.