Tis the Season for Spending

Christmas is a jolly time of year typically filled with tradition and celebration. For some though, it’s a time that can cause unnecessary stress. Do the costs associated with Christmas dampen your holiday mood? Shopping for holiday gifts doesn’t need to lead to financial stress. Here are some tips on how to budget your gift spending, allowing you to enjoy the holiday season!


“If you fail to plan, you plan to fail.” – Benjamin Franklin

Set your limits

Often what you want to spend vs what you can spend are completely different. Look at your monthly budget and factor how much money is available to cover Christmas expenses. Be sure to use only the money you’ve set aside for Christmas or extra money you can find in your budget. 


Make your “naughty or nice” list

Make a list and check it twice! Key to organizing your spend is figuring out who exactly you’re buying gifts for. Aside from you spouse/significant other, kids, parents, siblings, determine if you can afford to buy for cousins, aunts/uncles, friends, coworkers, etc. You may find that you can’t afford to buy for everyone on your initial list, but there are ways to gift without spending. Consider DIY gifts or organizing a get together to spend time with those near and dear to you.

Track your spending


It’s super important to divvy up your budget now that you have your list of recipients. You may decide to spend more on some and less on others, so keeping track of all of it will help you stay within your limits. Bringing your list with you when you shop is also important. You can cross off items from your list and subtract them from your running Christmas budget total. This will ensure you know how your budget is doing and you can adjust if needed. 


Never budgeted before? Don’t stress!


According to the Financial Consumer Agency of Canada, making a budget can help you balance your income with your regular expenses and guide your spending to help you reach your financial goals and it can also help:
• Set spending limits
• Live within your means
• Find ways to reduce your debts
• Reduce costs
• Have more money for things that are important to you!

Check out their Budget Calculator to list your income and expenses and for tips to help you create a balanced budget! 

Join us for more information on managing your finances - See Your Money Differently Webinar. Tuesday November 27th at 7 PM.  Our Guest Speaker is a financial wellness expert - Frank Wiginton

Register for Webinar

Post written by Avanti Women volunteer Blogger: Nikolina Kvesic


Published: November 07, 2018, 12:49 pm