With the holidays right around the corner, many Canadians are already planning out their schedules, getting their party outfits together, even buying gifts. Some may already be completely finished their shopping (way to go!). For many, the holiday season is one to look forward to, but if your finances are strained, it can also mean significant financial stress. This week, to better help you make frugal festive choices, we’ve got some holiday spending tips that may help ease the worry.
Holiday Spending Tips:
- Set a budget. This is the most important tip. So many of us forget ourselves and our financial goals around the holidays trying to give everyone the best holiday ever. However, when this happens and you spend outside your means, you could be regretting that for months to come. So, set a realistic budget and stick to it.
- Do your research. Rather than just heading out to the stores and hoping to find a good deal, hop online and check out which stores are offering deals on the must-have items on your list. Check if any rebates are available. Use coupons whenever you find them. A little time spent online can sometimes mean big savings.
- Go over that list of who to buy for. Is it a bit longer than it needs to be? Does Aunt Maude’s cousin Rachel’s daughter’s son really need to be on there? You don’t need to buy for everyone. Consider crossing off some of the more distant names and instead make a big batch of festive cookies and give those instead. This way, you buy for those closest to you and save by not going overboard.
- Consider the value of homemade gifts. Not only are these often more personal, and therefore meaningful, they can sometimes save you a ton. Handmade ornaments and natural bath products are great, and there are countless blogs out there that make it easy.
- Hosting a holiday party? Food can be expensive, especially when you’re cooking for a crowd, so instead of making everything yourself, make it a potluck and share the financial responsibility.
- Instead of using credit cards to fund your holiday celebrations, consider a small personal loan with a fixed repayment schedule. That way you can control your interest, won’t be tempted to spend outside your budget, and know exactly when you will be out of debt.
At Prudent Financial, we know how tough the holidays can be on your wallet. This year, instead of spending and worrying about the consequences later, use these holiday spending tips and establish a plan that makes things a little easier to bear once the festivities are over.
Call us today at 1-888-852-7647.