Manage the Holidays with a Wee Bit of Planning

For many the holiday season is a joyous, festive time of year. Families find themselves busy preparing for parties, shopping for presents, and pulling out their cherished decorations. The holidays are about sharing, caring, giving and spreading joy—not just for your family, but for others. Many find joy for themselves by volunteering and donating. Small gestures can brighten people’s holiday season and transform the world into a better, happier place. 

All of this to say that for many of us it can also be difficult to stick to the many holiday goals we have: healthy eating, staying active and keeping our holiday spending budget in check. These priorities can take a back seat to treats, parties, presents and more. Right now can be a great time to focus on some of these areas as they can get away from you during this festive time of year.  

At the most basic level creating and sticking to a budget is key to financial success. While it’s no secret that Canadians are going to spend more money now compared to other times of the year, spending can get away from even the most budget-conscious without a clear line of sight on what their money is doing. 

Here are a couple of simple financial recommendations as you approach the season of spending:

First, create a budget:  The benefits of setting limits and having a clear plan cannot be overstated. Think back to previous years and make a list. Don’t start shopping without a plan of what you’re going to purchase and how much you plan to spend. 

Play within your budget: In fact it can be helpful to set aside the appropriate amount of cash to cover your planned spending.   

Keep your other priorities in mind: Stick up a list of your overall financial goals. Many of you have other priorities which are incredibly important to you. Reminding yourself of these can be an effective strategy when fighting spending impulses.

Gain peace of mind by planning in advance the way you want to manage your holiday experience.

 

Jennifer Taylor, CFP®, PFP, Financial Planner, RBC Royal Bank