With the cost of living continuing to rise, many Canadians are feeling an extra financial pinch this holiday season.
According to a recent survey done by Interac, 66 per cent of Canadian parents say rising costs are making it harder to manage their holiday, and 52 per cent are worried about overspending this holiday season.
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Mark Kalinowski, with the Credit Counselling Society, says those numbers aren’t just because of gifts, but because of rising housing, living and food costs.
“When you go to the grocery store the price of turkey has gone from 99 cents a pound to I think $2.19 a pound when I was last at the grocery store,” Kalinowski said.
“It’s just become more expensive and people are struggling to make sure that the people in their lives have the nice things they want while trying to balance their pocket books.”
Some shoppers say because of the ever increasing costs, “I am not spending as much as last year, but I think that the gifts are more meaningful.”
Kalinowski says the best way to deal with financial pressures is to create a shopping list and budget, however by Christmas Eve that might not be feasible for last minute shoppers.
He added this is the time when many people start to put all their purchases on the credit cards which quickly adds up.
Kalinowski says now is the time to focus on your bank account’s future.
“A big thing is as we move into the new year, let’s plan to address that debt as quickly as we can,” he said.
The Credit Counselling Society says a great way to do this is to look at what financial goals and priorities you have and create a budget that allows you to achieve those goals while paying down any debt.
“An easy way to do that is to automate it,” Kalinowski explained.
“Right as we get paid money goes into a savings account and all those bills that come out all the time let’s just get them paid right as we get paid as well. Our pay cheque comes in, those bills get paid directly.”
He adds it’s also a good idea to start discussions with family and friends about holiday budgets for 2026 early next year so everyone has a chance to save up for next Christmas.
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