Stay Debt-Free With A Holiday Budget Plan

money gift

Table of Contents

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. 

Share This!

They seem to have given me back control over my earnings.
Theophilus Hove (Tad)
1713483040
Very professional and prompt service . Jackie made my experience very easy . Thank You
Frederick Kirby
1713479696
I can't praise Cori enough from David Sklar & Associates. Cori's acceptance and understanding of the diverse needs and concerns of her clients shines through with zero judgement. She made this process smooth and relieved much of my stress and anxiety around debt. Thank you!
Karen Swan
1713270908
My husband worked with Chen Siga, he walked us through our options and then through the process of getting everything done. Everyone we dealt with was very helpful. Overall a wonder experience, we are so glad we contacted them and got the help we needed.
Amanda Thomas
1712858943
I have been surviving on paycheck-to-paycheck basis and could not go any further because the lending interests just accumulated beyond what I can afford. Fortunately, a good friend recommended Grace Cuffaro from David Sklar & Assoc. and I finally got to settle my financial obligations in a reasonable way. Don't go anywhere else; ignore those financial brokers and social media ads who just want more money from you - go directly to the people who can really save you from drowning in debt.
REX ADAME Southern Ontario Canada
1712776241
I recently had the privilege of working with Trina at David Sklar & Associates, and I cannot praise her enough. Trina’s commitment to her clients goes above and beyond the norm. Here’s why she stands out:Incredible Knowledge: Trina is well-informed and deeply understands her job. Her expertise shines through as she navigates complex processes effortlessly.Client-Centric Approach: Trina doesn’t just follow procedures; she genuinely cares about her clients. She takes the time to listen, empathize, and tailor solutions to their unique situations.Clear Communication: Explaining financial matters can be daunting, but Trina excels at breaking down each step of the process. Her clarity and patience make even the most intricate details understandable.Availability and Accommodation: Trina’s dedication extends beyond office hours. She accommodates last-minute changes and ensures her clients feel supported throughout their journey.In summary, Trina is a gem in the world of customer service. If you’re seeking debt resolution, don’t hesitate to reach out to David Sklar & Associates—and ask for Trina. You’ll be in capable, caring hands.Thank you, Trina, for making a difference!
Darren Augustin
1712689928
Jerry Janiec is very helpful and professional. Thank you.
Urszula Kazula
1712507303
Unbelievable people who just want to help and I'm thankful
David Siria
1712427778
Jackie is awesome!Thank you for pointing me in the right direction.
Cindy McCormick
1712371745
Professional, knowledgeable and people oriented. Unfortunately for me, I had to ask for their assistance a few time and never regret about their service. 5 out of 5. Highly recommended.
Alexander Mikhyeyev
1712355497
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us