Many of us have started our holiday shopping. According to a survey done on behalf of The Retail Council of Canada, Canadians plan to spend about $675 during this season. In fact, the average holiday spending estimate in Ontario is $805.
While buying gifts for families and friends can be a joyful experience, it can also be stressful in many ways. Our time and money are just two resources that are impacted by holiday shopping.
In an effort to overcome these impacts, consider preparing a holiday budget that will allow you to shower your loved ones with gifts, but will also help you to stay within your financial goals.
This can be done by closely monitoring your spending by setting out a weekly budget.
Be disciplined with the following:
- Set limits on the dollar amount to spend on each person/family;
- Set limits on who to buy for – you may wish to only gift to children/pets, etc.;
- Send out an electronic holiday greeting;
- Make a charitable donation instead of buying gifts;
- Share an experience with your loved one – take your family/friends to an event that you both enjoy;
- Be a sensible consumer and pay attention to value;
- Don’t wait for the last minute – we tend to spend more under pressure; and
- Be creative with gift ideas.
Financial security will undoubtedly weave into our health and happiness, making this a much more enjoyable time of year.