It’s that time of year again. The trees are bare, the weather has turned cold, a snow flake or two has been spotted. Santa Claus made an appearance in Kitchener-Waterloo this past weekend as part of the annual Christmas parade.
The changing of the seasons brings another change. I am referring to the temptation to spend (too much) money at Christmas on gifts for your loved ones.
Experts are predicting that Canadians are going to spend less this Christmas. There appears to be good reason for that conclusion. Canadian households are carrying more debt than ever before. The unemployment rate is heading in the right direction, but remains high compared to historic levels. The bottom line is that many people are still feeling tremendous economic uncertainty because of the global economic meltdown of the last few years.
My mother probably has her shopping done by now. If you are like me and are still struggling with what to get for that someone special, I want to provide some words of advice. This week, I will be providing tips and comments for navigating the financial stress of the Christmas holidays. Please check daily for my latest comments.
Here’s tip #1: Commit to Spending Less
Sounds simple, right? Consider prior years. How many times have you told yourself that next year was going to be different? Making a change takes a focused, determined effort.
If and when you do find yourself out shopping, you will be tempted to overspend. Acknowledging that simple fact is a very important first step in keeping spending under control.
You should also talk to your spouse about cutting back. It will be easier if you the expectations are set and you are both committed to the same plan.
Tomorrow, we are going to talk about setting (and sticking to) a budget.
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