Tips from the Credit Counselling Society of B.C. on how to manage holiday shopping:
• Use cash as much as possible and try to avoid credit cards.
• If using a credit card, keep it simple and stick with the one with the lowest interest rate.
• If you haven’t set aside any savings, set a maximum limit of what you will spend on your credit card.
• We recommend an amount that does not exceed what you can comfortably afford to pay off within the first three months of the new year.
• Don’t forget to add in the interest and service charges.
• Take a close look at your finances and your calendar to decide what you can afford.
• Set a spending budget — gifts, festivities, decorations, travel, entertainment, mailing parcels, babysitters, taxis, hostess gifts, office party expenses, etc.
• Writing down your goals to decide what is important can help you stick to the budget.
• Is it possible to earn a little more money if needed?
• Look ahead for travel deals and think of ways to keep costs down.
• Watch for sales at the supermarket and store items for later.
• After you have what you need for someone, cross them off the list so you are not tempted to keep on buying.
• Keep a running tally of all your holiday spending.
• Before making a purchase, ask if it fits within the plan.
• Choose off-peak times to do your shopping. Eat first, bring a bottle of water and don’t go if you’re stressed. It takes energy to make good choices and to stick to your list.
• If you overspend in one area, look for ways to cut back in another.
• In the first month of the new year, develop next year’s holiday spending plan using the previous year’s budget as a guide.
• Start a savings plan in January so that you will have all of the funds on hand before the start of the season.
For more information, go to nomoredebts.org/budgeting/budgeting-tips/making-a-plan-for-holiday-spending