With the holidays around the corner, financially strapped Canadian families are wondering how to make it through without breaking the bank. With over half of Canadians living paycheque to paycheque and average consumer debt levels over $21,000, the 2016 holiday season may be particularly burdensome on Canadian households. According to the Chartered Professional Accountants of Canada (CPA), Canada’s Holiday Spending Monitor (released December 2015), only 29 per cent of Canadians polled planned to put aside savings for the 2016 holiday season. This leaves the majority of Canadians financially unprepared for the holidays and vulnerable to spending on credit.
With seasonal pressure to spend money on gifts, décor, party clothes, activities, food and drink, how can families ease the financial burden of the holiday season? Here are five tips to enjoy the spirit of the holidays without breaking the bank:
Lana Gilbertson is a Licensed Insolvency Trustee with MNP Debt in Greater Vancouver and on Vancouver Island. This article was originally published on www.mnpdebt.ca. Click here to access the original article.