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How to budget for the Christmas season

Heading into this year’s holiday season, people should already be saving for next Christmas as recommended by Conexus Credit Union.
Heading into this year’s holiday season, people should already be saving for next Christmas as recommended by Conexus Credit Union. Getty Images

Christmas can be expensive, so the Conexus Credit Union is sharing their tips with families on how to make the holidays less of a burden.

Sanny Uppal, a financial services manager with Conexus Credit Union, said the No. 1 piece of advice they give is to create a holiday budget.

“Start early,” Uppal said. “So heading into this year’s holiday season, you should start saving for next year’s already.”

READ MORE: Winter can get expensive. Here’s how to avoid overspending

It’s also important to budget for each person gifters are purchasing for.

“Stick to that budget,” Uppal said. “If you like to impulse buy, use cash instead of a card which is easy to swipe.”

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He also said consumers should take advance of holiday sales and days like Black Friday or Cyber Monday.

In order to create a holiday budget, list off all sources of income and then all expenses, Uppal said.

READ MORE: 5 tactics retailers will use to get you spending this holiday season

He said housing expenses should make up 30 to 40 per cent of a person’s budget, with living expenses making up 20 to 30 per cent.

“The No. 1 habit is saving at least 10 per cent of income to enable you to achieve your financial goals,” Uppal said.

“The big picture is a plan to reach your financial goals.”