Sobering financial realities brought on by rising costs have a lot of Canadians approaching the holidays a bit less like Santa and more like Scrooge.
A recent IPSOS poll found that 78 per cent of Canadians surveyed say inflation rates have significantly impacted their holiday budget and 49 per cent are concerned they might not have enough money to buy gifts.
While concerns abound, financial experts say there are ways to navigate the financial realities of the day.
This month, for Money Tips Monday, Travis Lowe spoke with Helen Goodwin from Valley First a Division of First West Credit Union about how the holiday season is the perfect time to start a financial blueprint for prosperity
“This is when we do a lot of our spending and we are still in the midst of an economic uncertainty so making yourself a budget is really the best gift you can give yourself,” she said. “The benefits of a budget are numerous.”
A budget, Goodwin said, will help you know where all your money goes, and prevent overspending and impulse buying.
Also, it’s a good stand-in for a solid financial plan.
“A lot of people are reluctant and it isn’t easy,” she said. “It’s hard to give up some things that we might like every month but the long-term gain far outweighs the short-term pain.”
Getting your finances under control that’s really what a budget is all about.
“Once you have a budget you’ll see where you can cut costs and save money,” Goodwin said. “(It’s) something you will want to do all year long and not just at Christmas.”