Do you worry that your spending may be getting out of control?
Are you spending more than you expected this Christmas season? Credit cards starting to look just a little worn? Well, you're not alone.
The immediate post-holiday season is a good time to scrutinize
your finances and bring things back in line. Odds are, you’ll be able to trim more than you thought.
You
can reduce the amount of money you spend in all kinds of ways, and many
of these items don’t necessarily require that you reduce your standard
of living.
Once the holiday season winds down, the trick is to make more careful decisions about
what’s really important to you – differentiating between what you need
rather than what you want.
Nobody said it was going to be easy though.
Everyone has at least one person in their family who seems to have trouble sticking with the plan – giving in to seasonal or spur of the moment expenses and then shamefacedly wondering why they never seem to have any cash.
This handy online ‘hidden-expenses’ calculator
will help chronic spenders to tally how much they spend on a monthly
basis on up to 16 unbudgeted or overlooked expenses a year, including
home repairs, prescription drugs, vacations, dental work and birthday
gifts.
Looking for inspiration? Here’s a series of interviews with people who’ve been forced to make big changes in attitudes and spending habits.
Do you see yourself in their stories? Do you have a plan to get a handle on your spending?
By Gordon Powers, MSN Money
Posted by: Bryan Jaskolka | Dec 18, 2021 2:10:33 PM
With new debt stats showing that our household debt levels are now at 164.6 per cent (http://www.canadianmortgagesinc.ca/index.php/canadas-household-debt-levels-continue-to-rise/) everyone needs to be more concerned about their spending. Thanks so much for sharing the tips, and the resources on where people can turn for help!
Posted by: Monica@PaydayLoans@ | Dec 19, 2021 4:39:26 AM
I can not say that I worry just because I have a budget and can spend only a limited amount of money. But honestly, holiday season is always financially stressful. It’s worth to make up a list of expenses and shop a little by little. I like shopping in malls and try to search for different sales and discounts – they help to save money. It’s better to plan Christmas shopping to avoid overspending and rushing, when you make purchases and buy gifts in a hurry then you risk to spend much more money than you have planned. Also do not forget that it’s possible to make some gifts on your own, that will save you money and become a surprise for your relatives and beloved.
Posted by: Ross | Dec 19, 2021 10:02:50 AM
Among siblings we draw names. $50 limit. Chip in $50 each for parents gift(s). Nieces and nephews $50 limit.
Posted by: Mr. Negative | Dec 19, 2021 11:56:19 AM
you can't spend what you don't have, oh wait, yes you can! lol
Posted by: Really !!! | Dec 19, 2021 1:11:44 PM
Christmas... Christmas... Christmas. Retailers see you coming and they get you every which way but loose. What ever happened to just "spending" some quality family time in the living room listening to seasonal music or around the kitchen table with a superb meal with children, siblings, relatives, etc. without the expectation that there will be gift buying and receiving. Also, there is absolutely NO reason to buy gifts for nieces/nephews/cousins/aunts and uncles you barely see. And as far as the office gift exchange... dump that and just give some leftover household items or toys you or your kids barely use to a needy family. Or how about simply saying "Hey, this year... no gifts... le'ts just enjoy the holiday season together. BTW... that $500. you'll spend on a 3-4 year old's toys or clothes !! They'll probably stop playing with the toys after 6 months and outgrow the clothes in about the same time. Nice !! Many people should give themselves the gift of getting out of debt.
Posted by: John | Dec 30, 2021 1:29:59 PM
The solution is simple.....spend only cash
If you must use a credit card immediately pay the purchase on the card balance.
Watch the cash balance you have and stop spending whenever you feel uncomfortable.
It will affect your way of life but you will have no balances to pay in January.
One other tip....THINK ......is there anything you really want or need???????
Posted by: linda | Dec 30, 2021 10:27:58 PM
Try figuring out what you spent on Christmas this year (the reasonable amount), divide by 12, and put that money aside every month. You'll have all the cash you need for next year.
For the office, if you MUST exchange a gift, the brilliant brainwave a coworker had a few years ago was: set the $ amount, draw one name, buy a new toy that the person would have enjoyed as a child, wrap it for the gift exchange. At the gift exchange, unwrap the wrapping paper, but don't open the box, have a good laugh/comment, and then donate the gift to your local Santas Anonymous charity. None of us needs another candle, blanket, box of chocolates, but the satisfaction of sending to charity is worth the money spent.