How to Budget for the Holidays When You Have Debt
Getting caught up in the holiday spirit is easy to do — you can’t walk into a coffee shop or turn on the radio without encountering signs of the season. For Canadians living with heavy debt, the holidays present some real challenges.
Getting caught up in the holiday spirit can mean overspending, which can inevitably lead to more debt. According to a 2017 pre-holiday spending survey from CIBC, almost two-thirds of Canadians felt that their holiday spending was out of control. About half (52 per cent) predicted they would exceed their holiday budget.
Accumulating additional debt during the holidays is not a good idea, especially if you are trying to pay off an existing debt load. The question is, how do you find balance between your desire to enjoy the holidays and your need to avoid additional debt?
First, create a holiday budget