Dilys D’Cruz, Meridian’s vice-president of wealth, suggests saving up for Christmas gifts throughout the year to make the holiday season less stressful.Mark Blinch/Reuters
Oh, hi again. It’s getting to that point in the month where your credit card bill starts reaching an unsavoury number as holiday gifts pile up. We chatted with Dilys D’Cruz, Meridian’s vice-president of wealth, about how to do a financial reset even in the middle of the holiday spending rush.
Set your (financial) house in order for the new year
Many Canadians promise they’ll get serious about money come the new year. But waiting until Jan. 1 may be part of the problem why this resolution often falls by the wayside.
A recent Meridian survey found that 64 per cent of Canadians feel stressed about money, even though most are tracking their spending. “They’re feeling anxiety, they’re feeling stressed,” said D’Cruz, adding that 54 per cent of Canadians are “spending without a plan.” By the time the holidays roll around, that stress often gets worse, not better.
That’s why D’Cruz says December is actually the perfect time to hit reset. “Now is a great time rather than waiting till Jan. 1 to make New Year‘s resolutions on how you’re going to manage your money differently,” she said. “You have an opportunity to do things differently in the next few weeks.”
One of her most practical tips is what she calls “the big pause.”
With online shopping, personalized ads, and impulse buys everywhere, she says it’s “harder and harder to say no.” Her advice: Slow down. “Pause before you make that impulse purchase,” she said, and ask yourself a few questions: “Do I really need this? Am I overspending on gifts? Is this aligned to my values?” When online shopping, try leaving items in your cart for 24 to 48 hours before hitting buy. Often, you’ll realize you don’t really need them, she said.
Next, she recommends looking at your relationship with money. “Money is emotional,” she said. Habits are often shaped by stress, anxiety or experiences from earlier in life. “Are you repeating the same behaviours over and over and understanding what those triggers are?” she said. “Identify what’s important to you. What are my values, and is my spending in line with my values in terms of, am I spending on the things I want to, or am I just spontaneously spending?”
Finally, she suggests planning ahead for next year’s holiday shopping. Set up a dedicated account and add a little each month. “I love pre-authorized payments, so just transfer money out into a gift account, so that come December next year you’ll have money saved up,” she said.
Setting yourself up for financial success now, D’Cruz says, can make January feel a lot lighter. “This is the season to pause and understand where your money behaviours come from and what can you do to make some small changes in the new year.”
Subscribe to the Retire Rich newsletter
Are you reading this newsletter on the web or did someone forward the e-mail version to you? If so, you can sign up for Retire Rich here.The Calculator
A recent study, published by Toronto-based human rights organization Maytree, found that people aged 55 to 64 are over-represented among low-income Canadians, particularly those with disabilities, according to data from Statistics Canada. Often, these workers are forced into an early retirement because of health issues, but don’t yet qualify for federal benefits.
Have Your Say
Are you a baby boomer who put downsizing plans on hold to accommodate an adult child living at home, or to preserve your kids’ ability to come back home if they need to? Journalist Kelsey Rolfe is looking to speak with retirees and preretirees who are hanging onto the family home for these reasons, for a story for The Globe. Her e-mail is kannerolfe@gmail.com.
The Retirement Receipt Open this photo in gallery:
Sammy Kogan/The Globe and Mail
How should Jodi, 74, draw down her savings without leaving a huge estate?
The numbers: Jodi has a $2-million home in Toronto, a $2.4-million stock portfolio, $60,000 in a TFSA, and $346,000 in registered accounts. She wants to spend about $90,000 a year after tax, rising later if she moves to a top-tier retirement home.
The situation: Jodi doesn’t want to leave a large estate, but she also wants to enjoy her retirement without running out of money. She’s invested mostly in stocks and is concerned about taxes and market volatility.
Key steps, from a financial planner: Jodi will take the minimum from her RRIF and supplement her spending from her non-registered portfolio. She can gradually shift to a balanced mix of stocks, bonds, and cash to reduce risk. By keeping a few years of withdrawals in cash, she‘ll avoid selling stocks during a market downturn, and her withdrawals are structured to minimize taxes while maintaining her lifestyle.
Best of the Rest
🚗 Downsizing to one car doesn’t mean giving up comfort or safety. For seniors, experts suggest looking for a vehicle that’s easy to get in and out of, has a higher ride height, and features such as a heated steering wheel. The key is picking a car that fits your lifestyle, keeps driving enjoyable, and meets your practical needs without compromise.
📈 Dividend-focused portfolios don’t need constant tinkering to perform well. Recent analysis shows that rebalancing once a year, particularly in the fall, can sometimes beat more frequent adjustments, while quarterly or monthly tweaks may add costs without improving returns.
💪 You don’t need a gym or fancy equipment to get stronger. Calisthenics uses just your bodyweight and gravity to build muscle, endurance, and confidence, whether it’s push-ups, squats, or more advanced moves like the human flag. It’s scalable for all ages and abilities, so beginners can start small and progress safely, while competitive athletes can push limits.
💡 How you draw down your savings in retirement matters more than you expect. In this video, Fred Vettese, former chief actuary at Morneau Shepell, shows how the right strategy can boost your annual income by thousands while reducing investment and inflation risk.
Try This
🌴 The best places for Canadians to retire list is here. International Living’s 2026 Global Retirement Index names places such as Greece, Panama and Costa Rica, as top spots for Canadians to retire next year. Canada isn’t on the list, but these options provide plenty of inspiration for your next chapter (or even just a list of possible travel destinations for the new year).