July might feel way too early to start planning for Christmas, but experts suggest it’s the perfect time if you want to stay out of debt come the new year.
Domenic Mastromonaco, a credit counsellor with the Credit Counselling Society, says “It’s asking yourself, ‘how do you want to feel in January?’ Do you want to feel like, ‘oh God, please, I don’t want the bill to come,’ or do you want to remember great times with family that you spent during Christmas?”
READ MORE: Surviving the Slump: eliminate Christmas stress by budgeting early
Experts suggest making a plan this month and opening a holidays savings account to deposit some money every payday.
In August, create a master list of what everyone wants, but set a limit.
Then come September you can start looking for deals.
READ MORE: ‘Debtcember’? 5 tips to avoid racking up holiday debt
Today on the Breakfast Buzz we want to know your holiday savings plan. Have you started budgeting already? Or do you leave it to the last minute?
Be sure to comment with your thoughts and watch Global News Morning at 7:55 a.m. CT to see if we pull up your comment.
With files from
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