Strange that I would write about finances you think? While food has always been my focus, I graduated from Business and worked in Finance for over fifteen years. I’ve worked at independent and bank-run brokerages, taken the Canadian Investment Manager (CIM) course and even passed the first year of the Chartered Financial Analyst before moving on to marketing in investor relations. Eventually I realized I needed to get out of the office and stop working 9 to 5 (or 5 to 2 as it would often be!) and am now happily dishing and marketing things closer to my heart than stocks, bonds and mutual funds. You can make a living doing what you love, and it took me a while, but I am finally doing so, writing and marketing food, wine, travel and more!
AND, when it comes to personal finances, I am a special kind an expert. Not because of my schooling and employment, but because of the ups and downs of credit card debt that I’ve been through. Living the good life on credit was once my very special expertise! We are talking close to six digit DEBT!
I dug myself out (another story for another time) and advise you to put yourself on a very strick spending plan if you even owe only a few thousand, or you can easily slip into being a slave to your debt, a state that is both financially and emotionally draining.
Every holiday season there is even more pressure to spend on gifts, holiday outfits, specialy foods, travel and more. So get prepare and make that list and check it twice before you pull out those credit cards. Make a budget, put that money aside and grab your interac card instead!
Make a list of extra holiday expenses and begin saving for these throughout the year. Like purchasing RRSP’s or putting money into an investment account, you can set up another bank account for extra holiday expenses, or track designated holiday funds on a spreadsheet in your main bank account. Spreadsheets can be fun, I swear!
Budget, budget, budget.
Having a holiday party? Set a limit to spend and stay within it. Don’t go overboard, do some plates of appetizers, or do an after dinner dessert party and have people BYOB. It’s not tacky to ask guests to come with something, it’s tacky when you can’t afford a thank you card in the new year. You’re true friends will be happy to contribute, will know you’re watching your expenses and will be just super happy you’re the one cleaning up in the morning.
Make a list of those on your nice list and set an overall limit for gifts. If you are in a large family perhaps divide up the list, and your sister can get your mom and your brothers gifts and you can do if you can handle aunt Maude, your Dad and your unruly nephew Bud. You get the idea, it’s nothing new.
Make your own gifts if you can. Bake up some cookies or paint some mason jars. It’s all on pinterest and yes you can.
Do not shop for yourself. It’s not your turn. Shop to give and wait til later to receive. Also never shop drunk. I always think I am richer, and a way better dancer when drinking, so if you are anything like me stick to dancing and you’ll just have a physical and not a financial hangover the next day.
Holiday outfits – what’s in your closet right now that you can wear? Update with some sparkly jewelry and perhaps a new pair of holiday shoes, if your budget allows. I picked up a super pair recently at the Salvation Army that had never even been worn. Seriously.
If you must use your credit cards, figure out what something will really cost before you buy it and you’ll be less likely to do so. That new TV may be $1000 now, but by next December when you finally pay it off, the interest could mean it was actually $1400 or more. And you shouldn’t be watching that much TV anyhow.
In any case, try to enjoy the holiday season, but do worry about the new year and spend accordingly. Believe me, January and those credit card bills will come far too soon.
Check out the “Daily Tips” offered in Interac’s 21 Days Credit Free Challenge https://21dayscreditfree.ca/ . The tips included are wide ranging, from creating a weekly meal plan to freezing your credit card in a block of ice for 21 days (the time they say it takes to break a habit – or form a new one).
*Sponsored by Interac
