Christmas can be a stressful time financially if you don’t have a budget.
Financial Planner for Desjardins Group Angela Iermieri says it will help to ensure you don’t go overboard on your spending, “Set up a list, add your priorities, and determine what you really need to spend on.”
Parents and children often have big expectations that come with big price tags for the holidays, but some families have experienced challenges this year, including job losses and reductions in income.
“Try to think of creative ways to give this season instead of just spending money. That could put us in a difficult situation for the year to come if we overspend and beyond our means,” Iermieri says.
Much of the shopping is being done online this Christmas, but Iermieri says, “With online shopping, we have to use a credit card to buy. We need to set limits because we know if credit cards are not paid off at the end of the month, the interest charges can be significant.”
If you can, visit local shops to support business and avoid using your credit card.
