Each month, Concept One Financial brings articles about personal finance from Domion Lending mortgage centers. This month’s topic is about budgeting for the holidays. At this time of year, we’re reminded that earning extra money can be a challenge. Unfortunately, our biggest expenses also tend to peak during this season too. Let’s ensure we curtail our holiday spending by setting ourselves realistic limits based on what kind of saving goals we have in mind.
With the hustle and bustle of the holidays, buying gifts can be the hardest part of the season. Many shoppers get stuck in long lines, only to find that the item they wanted is sold out. If you’re tired of being stuck in the holiday hustle and bustle, and you’re looking for a way to avoid that this year, it’s time you started shopping online for gifts. Avoid getting stuck in the hustle and bustle of holiday shoppers by ordering gifts online from your laptop or phone. The time you save can be put towards spending more time with friends and family.
The holiday season is always a hectic one, not just for you and your family, but for the retailers too. A large number of shoppers flock to their stores and the competition to stand out can become tough. The best way to get ahead is to work smart. Get early and keep an eye out for special sales. Many retailers have Black Friday and Cyber Monday deals to help you get a jumpstart on holiday shopping. Get inspired by coupons and get into the routine of flipping through flyers delivered to your home and online.
TRUST YOUR BUDGET
If you’re anything like most Canadian, you’re probably planning to spend more money this holiday season than you’re intending to. Although you may have heard that you’re better off with a budget, there are plenty of reasons why it may not have stuck. It keeps you on track during the rest of the year, so why not lean on it now? Starting the season with a plan and a maximum spending limit will help alleviate stress while shopping. There are plenty of free budget-tracking apps that connect right to your bank accounts and can be pulled out of your pocket for reference at any time – especially when you’re feeling overwhelmed at the mall.
The holidays are a fun time for getting together with family and friends, and you can make it even more special with thoughtful handmade gifts. The holidays can also be stressful if you are feeling that you should be doing more. However, handmade items can be unique, thoughtful and customized to suit your family’s tastes.
Everyone appreciates the handmade touch in a gift, and DIY-ing this holiday can help you save money. There are wonderful options that can be found online, even for beginners. Examples include homemade wreaths, body scrubs, and fun photo scrapbooks that can be done alone or in a group, and you’ll end up with a gift that money can’t buy. If you’re not sure where to find these clever and cost-effective ideas, Pinterest is a great place to start.
GIVE THE GIFT OF TIME
During the holiday season, many of us will find ourselves caught up in the spirit of giving. Our hearts will be full and we will have the urge to pass that feeling along to our friends, family, and communities. Instead of buying gifts, spend quality time with your friends and family while you give back to others. Sharing the experience and splitting the cost of hosting a dinner for a family in need will offset the cost of spending money on each person and double the amount of joy spread during the holidays. It feels good to pay in kind.
The spirit of the season is about to overwhelm us.
The team at Concept One financial group would like to wish you all Happy Holidays! If you have any questions about residential mortgage in Vancouver, feel free to reach out to one of our mortgage specialists!