When it comes to making your list and checking it twice, you may not have consulted with your budget.
Sandra Fry from the Credit Counselling Society says many Canadians struggle with their finances over the holidays.
“I think sometimes people think it’s overwhelming, right? Because you think it costs this much money and you have to use credit,” she said.
Fry says you need to be organized — go to stores with a list and do the research to find where the item you want is on sale.
“Try and go when it’s not busy so you don’t go and find the first thing and leave.”
Fry says many people end up spending more than they intended to when they see certain sales like the “buy now, pay later” option and buying one item and getting another at a discounted price.
“You get carried away and just get caught up in it. And one more thing and one more thing and it gets away with you. I think sometimes not planning what to buy can lead you to go over.”
The Retail Council of Canada’s latest survey found that Canadians were expecting to spend an average of $792 during the holidays.
If you’re feeling stressed this year, Fry suggests cutting the eating out and entertainment parts of your spending after Christmas to get back on track and starting to put a little bit of money aside every paycheque in the new year so you’re ready for the next Christmas season.
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