Financial Review Corliss Group Online Magazine: 5 financial tips for the holidays
by Grego Winston FreelanceTORONTO – Younger Canadian shoppers say they
plan to load up on gifts but not debt this holiday season. According to the
annual RBC holiday spending intentions poll, while 94 per cent of those aged 18
to 34 said they are expecting to spend an average of $509.80 on gifts this
year—up from $457.40 last year—over half say they plan to use cash or debit
cards for their purchases while 18 per cent intend to use credit cards and pay
off their balances.
“It’s great to see these younger shoppers
focused on managing their holiday expenses so they don’t have seasonal debts
when the New Year begins – this is a wonderful gift to give to yourself,” said
Maria Contreras, senior manager of savings accounts at RBC.
Want to have
a debt-free new year? Here are five financial tips for
the holidays.
Set a budget
and stick to it
Have a financial plan in mind (or on paper)
before you start checking off your holiday gift list. This will help ensure
you’re only spending what you know you can afford.
Try to leave your credit or credit cards at
home. By sticking to cash or debit cards, you can keep better track of where
your money went. If you use a reward
credit card in order to earn “points,” just make sure you budget accordingly
and pay off your debt in full and on time each month.
Curb your
‘got to have it’ shopping impulse
Count to 30 before impulse buying in a store;
delay an online shopping decision by a few hours.
Keep a
separate savings account for holiday/gift expenses
According to the survey, 67 per cent of
Canadian shoppers don’t have a budget that includes saving for holidays/gift
expenses. By setting up an account dedicated to saving for special expenses,
your savings won’t get mixed in with your day-to-day cash.
Put aside a
regular amount into your holiday expenses savings account
By saving $10 a week, for example, you’ll
have over $500 by year-end. Invest that money in a high interest savings
account and you can save even more for your next holiday season.
Look for
coupons and discounts
While Black Friday and Cyber Monday are
likely to have some great sale discounts, coupons can also save you some money
when it comes to shopping. If you’re shopping online, before you finalize your
purchase, search the web for existing coupon or promo codes that can be used
toward your item. You will be surprised how many external sites have promo
codes that aren’t featured on the site you are shopping on.
The survey found that Quebec shoppers intend
to spend the least on gifts this holiday season ($360.30) while those in
Atlantic Canada and Alberta intend to spend the most ($700.90 and $699.70
respectively).
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