It may still be summer, but with 100 days left until Christmas, there’s no better time than now to start saving for the holidays.
Canadians are expected to spend $885 on gifts, decorations and food during what is the busiest shopping time of the year.
“Spending $885 on discretional shopping can lead to a serious financial hangover for cash-strapped Canadians,” said Jeff Schwartz, executive director of Consolidated Credit.
“We are already living paycheque-to-paycheque, and when we leave this shopping to the last minute, it is easy to rely on credit to make the season merry.”
Last year about 40 per cent of people were still shopping with only a week or two left until Christmas. Aside from avoiding last-minute shopping by planning your purchases, Consolidated Credit has these money-saving tips:
- Set your holiday budget today. Making a spending plan will help stretch your holiday dollar and keep you out of the red.
- End of summer sales can mean great deals on last year’s ‘must-have’ items. Stores are clearing out stock, which can translate into bargains for your budget.
- Don’t lose sight of the true spirit of the season. Speak to your family and agree on spending limits for this year’s gifts.
- If you have an artistic or crafty side, make your gifts, Give yourself time to spend on your homemade projects and avoid the last-minute stress of the holiday season.
- Give up a small indulgence to free up extra cash for the holidays. Eliminating a medium coffee for 100 days means you will have an extra $170 in your pocket for Christmas.
The credit counselling organization will offer more helpful advice on Twitter every day and encourages Canadians to share their own suggestions using the hashtag #100Days100Ways.
“We’ll be giving away gift cards for the best tweet,” added Schwartz. “Every little bit helps during the holidays.”
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