30 Nov 2017

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Don’t let the holidays break the bank

It’s officially the season of giving, and for most people that means spending a little more this month. In fact, a new report by PWC Canada shows that Canadians are planning to spend more this season than their American counterparts.

Over two thirds of consumers believe the economy will remain steady or perform better over the next six months, and half are expecting product prices to be higher than last year. Canadian consumers are planning to spend the same or more than last year—an average of CA$1,507 each, which is slightly higher than their US counterparts. [PWC Canada]

For the actual breakdown, 53 per cent of Canadians plan to spend the same as last year, 27 per cent plan to spend even more.

The first thing to do to avoid spending regrets this month, is to have a serious budget in mind. Plan for everything and don’t exceed that limit, no matter how tempting something can get!

Many Canadians will pay for Christmas presents this year with credit, but unless you have a plan in place to pay it off, you’ll be stuck with a holiday debt hangover. But you don’t want to delay the payment of holiday debts, or avoid even paying the minimum payments.

If you do plan on using credit cards for holiday shopping, here’s what to remember for when the fog of Christmas passes:

  • If you don’t allow enough time for your payments to reach your lender, you could be paying more interest, which affects your credit rating.
  • ONLY take cash advances from your credit cards when absolutely necessary
  • Check your statements regularly and report discrepancies as soon as you see them

If you have any financial questions or comments, don’t hesitate to contact me. If I can’t answer it, I know the person who can!

Tags : budget, Canada, christmas calgary, credit, credit calgary, debt, debt calgary, holidays calgary, money, money savings

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