Following several months of high inflation rates, this holiday season may be especially stressful for Canadians looking to cut back on spending. Whether hosting friends and family members, or purchasing gifts for loved ones, here are some tips on how to make the most of the holiday season without breaking the bank.
this year, to $1,520 per household. This is compared to $1,841 per household in 2021. The company’s 2022 holiday retail outlook also shows Canadians will likely spend about 10 per cent less on gifts and gift cards this year, for a total of $510.
This involves identifying mandatory expenses – non-negotiable payments such as those that go towards housing, transportation and debt, for example – and discretionary costs, as well as the amount of money saved on a monthly basis. Another useful strategy would be to look at how much money was spent over the holiday season last year, Ho said. From there, you can decide whether those same items or events still make the list, or if there are opportunities to cut back on spending.
Another way to save money while gift-giving involves organizing a gift exchange between a large group of people, where each person purchases a gift for someone else, Khayat said.One last option, particularly for parents, involves setting money aside for their children in a tax-free savings account or a registered education savings plan as a present. This also acts as an investment for the future, Jacks said.
“Lay out the costs and average it out over 11 months to see how much you would need to save to make sure that happens next December,” she said. “Buying more store brand or private label [food products] is another way to save 10, 15 or 20 per cent right off the bat,” Weintraub said. “Canadians always love deals and bargains – there’s going to be that much more love over the next six to 12 months.”
Jacks also advises Canadians to think twice before paying with a credit card during the holiday season. While using credit may allow them to pay for expenses at a later date, they should still consider whether they can afford these purchases now, she said.
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