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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Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
I was a reck talking yo Jason Sklar was easy comfortable he explained everything and put my mind at ease I would recommend the team od sklar to everyone. I have already talked to my ci workers about them
kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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