Holiday hangover can aptly describe January’s financial woes. First comes the euphoria, then comes the sobering reality that you must pay for your indulgence, and it will hurt.
According to a recent RBC Canadian Consumer Outlook Index survey, Canadians plan to spend an average of $629 on gifts this year. More than half plan to fund their festivities with savings, 24% plan to use credit cards and 23% admit to not having thought about how they’ll pay.
Financial experts warn that emotional spending during the holidays can push you over your financial limits, but a proper plan can prevent the hangover.
“If you’re going to pay by credit card, don’t carry a balance,” advises Perry Quinton, vice-president of the Investor Education Fund. “Just don’t take that hit in the middle of January because RRSP season is coming up and you’re going to need money to put aside into savings.”
written by Melissa Leong | Dec 8, 2012 9:00 AM ET | all rights and credit to their respective owners
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