Envision Financial

Avoid Overspending this Holiday Season

12 December 2017

It happens every year. The holiday shopping season hits and people feel pressured to buy, often leading them to spend well beyond their means. As personal debt hits record highs, Shalane Wellard, financial advisor at the Cloverdale branch of Envision Financial, a division of First West Credit Union, offers five strategies that will help you avoid incurring debt this holiday season.

Set a realistic budget
Many people do their shopping without a budget in mind. Start by making a list of all those you want to buy for and how much you are able to spend and go from there. It sounds simple, but by setting a realistic budget and sticking to it, you can avoid spending beyond your means.

Leave the cards at home
If you struggle with sticking to a budget, leave your credit and debit cards at home and take cash with you. This forces you to spend only what you have in your wallet.

Don’t start shopping too early…or too late
Starting your shopping early can help you spread out the cost of your purchases, but it can also turn you into a repeat spender. If you’ve purchased a gift for someone, stop. On the other hand, if you leave your shopping until the last minute, you may purchase a gift that’s outside your budget because you have limited time to search for a more budget-conscious gift.

“Don’t start shopping too early…or too late….”
“A deal is only a deal if it’s something that is actually needed….”
“…by setting a realistic budget and sticking to it, you can avoid …”

Don’t be fooled by so-called bargains
We’ve all heard the phase, “It was such a good deal, I couldn’t afford not to buy it.” A deal is only a deal if it’s something that is actually needed. Spending is still spending, regardless of whether it is five, 50 or 95 per cent off.

Give a gift card
While some people think gift cards are impersonal, they can help keep you to a fixed-dollar purchase-especially if you’re short on time. Plus, you can be sure that the person receiving the gift will be able to get something they actually want or need.

Envision Financial – Cloverdale Branch

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