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Christmas Budgets

Thursday, 20 November 2014 06:15

With Christmas just over a month away, residents are likely planning their holiday purchases.

WOODSTOCK - With the holidays around the corner, it's easy to over spend -- especially on the kids.

Financial Advisor at the Investment Planning Council Melissa Pike says it's important to know how much you have to spend in order to avoid breaking the bank.

"The best way to do that is to make a list of those items. Number one, who you have to buy for this year and then allocate how much you want to or are able to spend on each person. Total that up and find out if that total number is feasible and if it's not then it's time to adjust that to bring it back into line with your budget and make sure it's feasible and something you can afford." Pike continues "The key is to stick to your plan and stick to your budget and an easy way to do this is to make all of your purchases in cash. It's very easy and very convenient to swipe those debit and credit cards but it's also a very easy and quick way to rack up debt that's going to follow you into the new year."

Pike says watching flyers and purchasing items in the off season are just some ways to make the dollar stretch further. "Going forward, it's also important to start saving early for next Christmas. You can do this either by using cash that you hide away at home in a safe or keep in an envelope somewhere or even setting up a separate bank account to stash away that extra cash throughout the year so come next Christmas, you have the funds available."

Pike says it's also a good idea to have a buffer zone in your holiday budget for any unexpected parties or gifts that come up.

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