Don’t Fall Into Too Much Debt During Holiday Shopping | GEM Debt Law

November 20, 2020

Don’t Fall Into Too Much Debt During Holiday Shopping | GEM Debt Law

It’s that wonderful time of the year again! That time where we all gather with our loved ones and enjoy the jolly atmosphere. Some of us enjoy shopping and sometimes a little too much. Remember, the holiday is to spend time with the ones you love and we’re here to help prevent the overspending with some holiday spending tips.

A study shows that the average Canadian will spend $643 on holiday gifts, according to a survey commissioned by the Chartered Professional Accountants of Canada (CPA). The Retail Council of Canada (RCC) pegged the cost slightly higher, at $675 per shopper. Source.

According to the study above, a person spends more than $600 for the holidays. The real question is, when do you know when to stop?

1. Saving Early Helps

If you’re planning to spend over $600 during the holiday season, saving early can help make your transaction seamless. If you start saving $50 a month from January, you will have $600 by December.

2. Don’t Purchase Everything All At Once

There are good deals throughout the year that will help you save tons and you don’t have to rush last minute into a financial burden. This is also a method for those that don’t fit well with savings accounts.

3. Gift List

Create a gift list in advance so that you know what you need to get and create an idea of how much everything is going to cost. Include the who, what you’re getting, and what it actually costs.

There are other alternatives when it comes to gifting. Can you hand make something that has sentimental value and save that way? Look for deals for Black Friday, Cyber Monday, as well as other coupons or sales. Planning your spending will help you avoid the red zone in January.

4. Use Your Creativity

Some of us are really fortunate with different skills and talents and we can get away with hand-making gifts instead of buying them. Our parents and grandparents will most likely appreciate something that comes from our hearts and hands. What matters is the thought, not how much you spent on it.

There is a chance that not all of us are able to create something or there is not enough time to do so and all we can suggest is to adopt one of the other ways we mentioned for the better of your pocket.

The special part about the holidays is spending quality, memorable time with your loved ones. The gifts are only a small touch to the holiday spirit that should not break your pockets.

Wishing everyone happy shopping and a wonderful holiday!