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The Holiday season is fast approaching! Some of you already know what gifts you’re going to give, others not. At this time of the year, there are temptations all around you, and you really want to spoil your loved ones. So how can you indulge in the joy of giving without breaking the bank? Here are a few tips.

A holiday budget

A budget is easy to make and it can help you manage the situation and avoid surprises. Start with a list of items to include, such as:

  • Gifts (family, friends, teachers, hosts, etc.)
  • Food (family meals, meals with friends, restaurant meals, etc.)
  • Entertainment (outings with the children, clothes for the Holidays, etc.)
  • Charitable donations

This will give you a clear and realistic picture of your financial situation. You’ll enjoy the Holidays more and you’ll start the new year without any financial worries!

Temptations everywhere

How to survive this period of abundance and not become a victim of your generosity? Here are some helpful hints to help you stick to your budget and avoid going into the red.

Impulse buying
  • Avoid adding last-minute items to your gift list and succumbing to in-store incentives.
  • Beware of online purchases: they’re so quick and easy (all it takes is a click)!
Living beyond your means
  • Use credit carefully. The fact that you can spend as you please using what is actually “borrowed” money can result in substantial interest payments.
Creating false needs
  • Don’t be taken in by advertising. Big companies urge consumers to get the latest, fanciest, best performing gadgets. By encouraging overconsumption, they indirectly cause you to go into debt to buy products that you probably don’t really need.

Have questions about your financial plan? Want to discuss your budget, your financial goals or your personal balance sheet? Contact one of our advisors today. They’ll be pleased to help you.

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