Lifestyle
Set Yourself Free From Spending Stress This Holiday Season
Household finances are often drained at this time of the year, especially with the stress of travelling, hosting, and buying gifts. Meridian, Ontario’s largest credit union, offers the following tips to have an enjoyable holiday season while still keeping your wallet intact:
Create a holiday budget – Start by figuring out your total budget – examine the list of those you intend to buy for and divide accordingly. While gifts are likely to be the biggest portion of the budget, it is important to remember non-gift related expenses as well, such as travel and social events.
Make a list and check it twice – Before heading out to the store, make a list of absolutely everyone you plan to buy gifts for – family, friends etc. – and budget for each of them. This will help you better organize your shopping trips, avoid impulse buys, and stay within your planned budget.
Shop around – Do some research. Compare prices online before setting foot in the store to ensure that you are getting the best value and aren’t being seduced by “sales” which can cause you to spend more than you planned. Online shopping can offer significant savings and websites often have discount codes for free shipping or gift-wrapping during this season.
Keep track of your spending – Making a budget is only the first step – if you aren’t keeping track of your expenditures it can be hard to stick to it. Writing down all of your expenditures will help you determine how much you’ve spent and, more importantly, how much you have left.
Be wary of department store credit cards – Many department stores pressure shoppers to sign up for credit cards with the enticement of a one-time discount of 10 percent to 15 percent off their purchase. While this may seem tempting, these cards usually come with overly high interest rates and it is easy to forget to pay them off.
Start saving early – As soon as a new year begins, start putting money aside for next time. Building a gift-giving fund throughout the year will ensure that you have a healthy budget by the time the holidays come around again.
Visit www.meridiancu.ca for additional budgeting tips.
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