Stay Debt-Free With A Holiday Budget Plan

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You want to live a debt-free life, but with the holidays approaching, you’re worried you might slide back into old habits that depending on your credit cards to make ends meet. During the holidays, the temptation to overspend can take over if you haven’t prepared a budget in advance.

There are too many impulses buys and discounts on offer to keep your head down and avoid overspending, unless you know exactly how much you’re going to spend and what you’re going to buy. Then there are always expenses you forgot to account for, like buying gift wrap or gas to drive to the mall.

Start your holiday season with an airtight budget. Do your best to anticipate every little expense and leave yourself some breathing room for those you just can’t predict.

A holiday budget calculator can help you figure out how far in advance you should start saving for the holidays depending on how much you earn and how much you want to spend. They can also show you the difference between expectations and reality.

Some financial planners recommend spending no more than 1.5% of your annual income on holiday spending. That includes entertainment, gifts, food, and travel. At the average Canadian income of $51,000, you should be spending no more than $765 on the holidays. The average amount of money Canadians spend on Christmas is more than double that.

Even just being conscious of your spending habits over the holidays can help you cut back. You’re less likely to fall for Cyber Monday deals you don’t really need and more likely to stick to your gift list for the family. But a budget will go a long way toward taking that thrifty feeling and putting it into action.

Here are a few things you should make sure to get included in your budget:

  • Gifts for family, friends, and coworkers
  • Charitable donations
  • Entertainment costs (movies, shows, etc.)
  • Restaurant costs (not just nice nights out, but also those quick lunches at the mall or stops for a coffee)
  • Food & liquor if you’re entertaining
  • The extra gas you use driving to the mall or the airport, plus parking
  • Travel, such as train or plane tickets

Making a holiday budget and sticking to it is essential if you want to quickly reduce your debt despite the holiday season. Reducing your debt is a challenge this time of year but having a plan can make a big difference.

At David Sklar & Associates, we encourage people struggling to manage debt to visit a bankruptcy trustee, now called a Licensed Insolvency Trustee. A bankruptcy trustee can help when you’re struggling to manage your debt.

Even if you have your debt under control now, will you be able to if interest rates rise? Anyone who is worried about how much debt they have should book a consultation with David Sklar & Associates before the holidays. Find a way to fix your debt problem for good, whether that’s through a debt management plan or insolvency proceedings. Make this holiday the last one you spend worrying about debt.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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So over the past few weeks I’ve had multiple contact with Christine. She was simply amazing. She helped me understand my debt and what options I had available to help relive some of my debt stress that’s affecting my own well being and my family.David Sklar and associates is simply put an amazing company and I highly recommend them to absolutely anybody needing help!
Adam Bertrand
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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
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