Tips to Help Avoid Post-Holiday Financial Stress

(NC) Many people blow their budgets when the holidays come around. Frequent small expenses can pile up very quickly as a result of gift shopping, parties or travel expenses to visit loved ones. So, it’s important to be realistic and remember that it’s only a few days out of the whole year.

To reduce and avoid financial stress after the holidays, try to control your spending. Read on for some effective ways to do this.

First, make a budget before you even start your shopping by setting a spending limit for each planned gift or event. If you need help with this, use the Budget Planner recently developed by the Financial Consumer Agency of Canada. This free tool lets you create a personalized budget that you can save and update online. Its interactive features will help you better define your priorities and needs. Remember that budgeting helps you balance your income and expenses, allowing you to have a clear idea of what you can achieve.

If you use your credit card to make purchases, plan to pay off the balance before the due date. This allows you to avoid paying interest or late payment fees. If you cannot pay off the balance in full, try to pay as much as possible.

Also, to reduce fees on your financial transactions, use the ATMs of your own financial institution because this will save you money every time.

These are a few simple steps that will help you control your spending and manage your finances throughout the year.

Make a budget for the new year and eliminate unnecessary spending. You then have to stick to your budget to achieve your goals. This will help you feel more in control of your personal finances.

Learn more at canada.ca/money.