Parents guide to avoiding Holiday Debt Hangover

Posted: 11/12/2015

Did you know that over 82% of the population admits to over spending during the holidays? Imagine if you could enjoy the holidays without the debt afterwards.  It is possible. The Micro-Loan team would like to share with you their "Parents Guide to avoiding Holiday Debt Hangover".

1- Start saving early on in the year.  That money should be about 85% of your holiday gift budget, allowing you to have a little maneuver room for unexpected gifts.

2- Make a gift list and set a pricepoint per individual getting the gift.  By setting your list and putting the budget next to their name, when you come across the perfect gift, you will be able to have the guidlelines of your budget so as to not overspend.

3- Shop Early and Online: Not a very common suggestion but there are a lot of specials online. So much so that if you buy multiple gifts from one location, you will be able to save on the delivery as well.  

4- Use your loyalty pointsWhat better time to use your Aeroplan, Airmiles or Gold Card points than now?  Itll allow you to get some interesting gifts for those you love while using the points you have accumulated throughout the year.  Points are not only for travelling you know.

5- Stock up with food early: Make a list of the food items you usually use during the holidays and keep a lookout for items you can safely stock (like canned or frozen goods) and buy them on special early.  By purchasing a little every week, you will arrive to the holiday season with the food items you need for the holidays without the hole in your wallet!


Please Wait