WATCH ABOVE: Christmas sales are already in full swing with more and more businesses selling gifts online. As Mike Drolet reports, Canadian retailers are hoping to reap the rewards of a popular American tradition.
TORONTO – The holiday season can be a stressful time for those of us who are money-conscious and working within a strict budget.
Here’s our guide to celebrating the holidays on a budget.
Make a list and record your spending
Making a budget may not be that difficult, but sticking to it is where most of us run into trouble.
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Start off by writing down a holiday spending list. Aside from presents for family and friends, don’t forget to include:
- Decorations
- Christmas cards
- Gifts for the host/hostess if you’re attending parties
- If you are hosting any events, attempt to include a food and alcohol budget for those gatherings as well
Set a budget for every item (and every person you are buying a gift for) on your list. Keeping your receipts together and writing down what you have spent will help keep you on track and will clearly show you where you money went.
Look for deals
An October study found that 96 per cent of Canadians surveyed said discounts will be important to their purchasing decisions this holiday, and one in four said that it would take a discount of 50 per cent or more to persuade them to make a purchase.
READ MORE: Is Black Friday worth the mayhem?
While you might not have to wait for Black Friday or Cyber Monday for the best sales this year, experts say the greatest savings of the year will still be around the holiday season, even if stores might have significant saving promotions throughout the year.
TIP: Most markups and discounts are known ahead of time, contact stores and ask when the store will have the best deals.
Hosting dinner parties? Plan your menu ahead of time
If you are hosting holiday events at your home, making a menu plan a week or more in advance can save you money and stress.
Make a list of what you want to serve and look for coupons for items on your shopping list. Knowing what you want to cook or bake ahead of time will also make it easy to stock up on those items early if they are on sale at the grocery store.
TIP: Host a cocktail party over a dinner one as it will often require less food and more variety (think of hors d’ oeuvres like bruschetta, meatballs and dips). If you are cooking a turkey, don’t be afraid to ask guests to bring a side dish. Just let them know in advance so that they can plan accordingly.
Stop buying things you really don’t need
Do you really need a new holiday outfit or all those decorations? The answer is likely not. Costume jewellery is a great (and affordable) way to add some sparkle to that black dress hanging in your closet, and will cost you a lot less than buying a brand new outfit.
When it comes to decorations, focus on a few items that will really accentuate your home, like a centerpiece or lights on the mantle. (If you’re worried about energy bills, don’t model your holiday decor after the Griswold family.)
If you are crafty try making decorations like Christmas ornaments. This also makes for a great family activity with the kids.
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