Christmas shopping
Although we always want this time of year to be lighthearted and festive, it can actually be quite stressful for many people, especially when it comes to personal finances. Organizing the kids' vacations, inviting friends and family over, thinking about host gifts and decorations, not to mention buying gifts for our loved ones. No wonder your heart rate increases just thinking about it!
If the approach of December causes panic rather than smiles, here are a few tips that can help you plan your budget better and enjoy this time of year.
Set yourself a budget
It's no surprise that Christmas comes around every year on the same date. The holiday season can be anticipated, so why not prepare for it throughout the year?
To start, you need to determine how much you have to spend during the holiday season. To do this, you need to start by making your annual budget.
Not sure where to start? No problem, we have a budget template ready to use!
Once you've determined how much you have available for the holidays, you can plan your savings and expenses!
Stick to your budget
Determining how much you have available for the holidays is one thing, but sticking to what you've determined is another.
To help you plan how to allocate your budget among all your planned expenses, use our Christmas shopping list (French only). It will help you remember everything and stay on track with your goals.
Caution: It can be very tempting not to set a budget or to exceed it, telling yourself that you have room on your credit card. You're not wrong! However, remember that if you pay cash or pay off your credit card in full at the end of the month, you'll enjoy all these benefits:
- Once the holidays are over, you can start saving for next year without the stress of having to pay for past expenses. As a bonus, you'll reduce the chances of having to tighten your belt!
- You'll avoid paying much more for the gifts you gave. For example, if you borrow $300 on your credit card and only pay the minimum amount (5%), you'll have to add an extra $94.55 and you'll be carrying that debt for 3 years and 1 month before it's completely paid off (assuming you don't add any other expenses).
- With the money you save, you can take advantage of specials throughout the year, not just those leading up to Christmas!
- The holiday season will be less stressful! No debt, no stress!
Tips for saving money
Gifts, decorations, food, alcohol, clothing... it's easy to spend way more than we should during the holiday season! But there are lots of ways to save money and give our wallets a break!
- Shop for discounts all year round. The best time to buy decorations, wrapping paper, or table linens is right after the holidays! But before you rush out to hunt for bargains, take inventory of what you have and what you really need. It will save you money and time next year! For many products, specials come around every three months, so there's no need to wait until Christmas Eve to buy your turkey! Is it on sale in October? Why not buy it now and freeze it until Christmas? Prepare your gift list and take the time to compare prices in flyers or on the Internet before you shop. Remember: stick to what's on your list, even if it's tempting to add a little fashion accessory for your cousin. This will prevent impulse purchases and keep you on track with your budget.
- Make gifts. Are you talented at painting? Why not give one of your works of art as a gift? Do people beg you to bring your fabulous double chocolate cookies everywhere you go? You know what to do! 🙂
- Give the gift of time. You can give service coupons to be used as needed (for example, offer to babysit the youngest child so your friends can go to the movies; prepare meals for your aunt who doesn't like to cook; or fix the creaky closet at your uncle's house, who isn't very handy with this kind of work...). Nothing is more precious than quality time with loved ones. A walk in the woods, a picnic in the park, or an afternoon of puzzles are all moments that will remain etched in your memory! It's also a time to share your knowledge! Does your grandson keep asking you to show him how to make your famous homemade pasta? Give him a private lesson!
Free budget consultations
Whether you look forward to the holiday season with joy or stress, remember to take care of yourself!
If you feel overwhelmed by your finances or don't know how to go about completing a project, don't hesitate to call us! We offer free budget consultations!