How To Stick To Your Holiday Budget In 2018

How To Stick To Your Holiday Budget In 2018

There is such a thing as being too generous, especially during the holidays. A recent study done by Leger for the Retail Council of Canada (RCC) shows consumers plan to spend $675 on average on everything from gifts to travel to food and entertainment. That can be a tough bill to face in the New Year. Here are some holiday spending tips to help get you through the season with your wallet intact.

1. Value your relationships
Write down everyone you plan to give gifts to, and then put a dollar figure next to each name. Setting price limits helps you keep your holiday budget on track.

2. Price check with your phone
Despite your best intentions, perfect gifts have a way of blowing your holiday budget. If you find a gift that’s 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. Know the truth about Black Friday and Cyber Monday
Studies have shown there isn’t a huge difference in markdowns between one-day promotions, such as Black Friday and Cyber Monday, and regular holiday sales. Instead of focusing on event-style sales, look for deals every day.

4. 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. If you purchase using a credit card, using a card that offers cash back or other rewards is another smart holiday budgeting tip.

If you’re looking for a credit counsellor in Toronto, get a quick assessment with us today or call us at 416.900.2324. We will help you develop a plan, reduce your interest costs and get out of debt over time.

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