Plan Your Holiday Spending

by | Nov 22, 2022 | Finance and Business

Plan ahead so your holiday spending doesn’t spiral out of control

(NC) The holiday season and annual parties are just around the corner. It’s always an exciting time of year, but that excitement can be dampened by worry if you’re facing a financial shortfall. Here are five ways you can prepare for the holidays without breaking the bank.

Party planning

Instead of meeting friends at a restaurant or bar, consider hosting a low-key potluck at home. You could even set up a rotation schedule for hosting key holidays throughout the year.

Dress for success

Tired of wearing the same outfit to every party every year? Rather than paying full retail price, try thrifting or shopping at a consignment store. If you need a one-time fancy outfit, consider a dress or suit rental company.

Gifts from the heart

Are you a painter, knitter, or have some other crafting hobby? If so, rather than buying presents for friends and family, make your own gifts. Wherever possible, put a personalized spin on things.

And rather than having to buy gifts for all of your friends and family, encourage them to join in on Secret Santa exchanges.

Charitable giving

There’s always a big push to make charitable donations over the holiday season. If you are able to donate to a registered charity, you’ll get a receipt that will earn you an income tax deduction in the spring.

Set a budget

The only way you’ll know how much money you’re spending is to create a budget that tracks all of your expenses, big and small. Yet less than half of all Canadians have a budget. ABC Life Literacy Canada’s Money Matters program can show you how to create one. The program also offers other free money management resources, including workbooks, activities and workshops.

Learn more at abcmoneymatters.ca.

Related Content

3 tips to keep your home-based business safe and secure

3 tips to keep your home-based business safe and secure

Your home is your sanctuary. But if you run a home-based business, it could also be your office, showroom, storage locker and more. Therefore, it is doubly important to protect it and its contents. Here are three ways to protect your home and business. Protect your...

read more
The hidden costs of condos and how to manage them

The hidden costs of condos and how to manage them

Condo ownership has surged in recent decades. For a growing number of Canadians, owning a condo is one of the most significant investments of their lives. Condos can be an attractive option based on cost, convenience, amenities and location. One advantage is that you...

read more
Quick facts about the new Underused Housing Tax

Quick facts about the new Underused Housing Tax

You may or may not have heard that there’s an Underused Housing Tax (UHT) in Canada. Is it what you think it is? Does it apply to you? Here are few quick facts you should know. It’s not the vacancy tax you’ve heard about You may have heard of vacancy taxes in some...

read more
How to get the government money available to you

How to get the government money available to you

Let’s face it: no one loves doing their taxes. But, in addition to being your civic duty, it’s your doorway into receiving many of the federal rebates, benefit or credit payments you could be eligible for. Here are four ways to make sure you get all the money you’re...

read more
Tax-time guide – Tips for stress-free filing

Tax-time guide – Tips for stress-free filing

The tax deadline is inevitable every year, whether it fills you with a deep dread or you actually enjoy putting everything together. Here are some important things you should know this year to help you get your taxes done as easily and effectively as possible. File...

read more