From gifts to gatherings, the holidays can put additional financial strain on your budget. Sound planning can help prevent your year-end shopping from causing financial stress.
1. Make your holiday budget bright and early
Take all your purchases into account, not just those under the tree, but also gifts for the host, food, beverages, and extra gas. Set money aside now instead of having to borrow and pay it back later.
2. Make a list of people you want to give a gift to
Don’t feel like you must give gifts to everyone. Talk openly with friends and relatives about your intention to reduce your spending. Some may be relieved and want to do the same!
3. Start your holiday shopping early
The best deals aren’t just on Black Friday and Cyber Monday. Be on the lookout throughout the year. Knowing the regular price of items will help you spot good deals, like clearance and end-of-season sales.
4. Give time
We say that time is money, but money doesn’t buy time. Swamped parents could really use a ready-to-eat meal or a day off while you watch the kids. Your busy friends might enjoy a night out or a craft project that strengthens your special bond. These acts of love and attention are always appreciated, regardless of the money spent.
5. Plan and save for next year
Putting into practice good habits for the holiday season also means investing in a Bâtirente TFSA and taking advantage of automatic savings to save with each payday or each month. You can schedule pre-authorized debit directly through the MY ACCOUNT secure section or through payroll deductions (if offered by your employer). You’ll save more without even thinking about it.