5 Tips on Budgeting Through the Holidays
Did you know that there’s such a thing as being too generous during the holidays (I know… who would have thought?!)
On average, Canadians drop over a whopping $1,500 during the holiday season, with gifts accounting for almost 41 per cent of that. For anyone, that can be a tough bill to face in the New Year. We’re big fans of having of making it through the holidays without having to ask your mom for gas money to get to family Christmas dinner.
Here are some of our top holiday spending tips to help get you through the season with your wallet (and dignity) intact.
1) Plan ahead
Write down everyone you plan to give gifts to—from your nearest and dearest to your in-laws and that nice coffee barista. Make sure to put a dollar figure next to each name. Setting price limits helps you keep your holiday budget on track.
2) Do your research
The “perfect gifts” have a way of blowing your holiday budget. If you find a gift that is over your budget, use your phone to see if you can find a better price elsewhere. Many stores have price-match policies if you find a better deal.
3) Stay on top of your spending
Spend wisely by reviewing your account statements, paying your bills regularly and using online banking to easily monitor your accounts.
4) Save for the more expensive gifts
Putting money aside for big-ticket items can prevent you from depleting your accounts or going into debt during the holidays. One of the best savings tools to use is automatic transfers. This can help you save without thinking about it. That way, you decide how much money to move from your checking account to your savings account and how often.
5) DIY saves money
Homemade presents are great ways to save money while creating something memorable. These gifts might not work for everyone on your list, but they’re good options for some. Consider photos for grandparents or cookies for your kids’ teachers or colleagues!
Follow these steps to start your holiday budget and transition into the New Year with a smile!