Easy Budgeting Tips

Do you want a Merry Christmas and a Merrier January?

EKC supports you and making your financial goals come true!!

1. Set a Budget

Take a hard look at your finances and set a budget for how much you can spend on Christmas gifts and celebrations and stick to that budget.

2. Start a new tradition with friends and family... Buy LOCAL!

In addition to shopping locally, check out the Christmas markets, artisan stores or farmers markets. From local beef or sausage, to handmade cards, you can find something to fit in your budget. One dollar spent locally is worth at least ten times more to the local community than if it were to be spent elsewhere! EKC, like other local businesses, employs local staff – creating jobs and opportunities for everyone including youth, to stay in our communities.

3. Get Strong and Energize

Visualize your January credit card bill at $0 (YES ZERO!) Focus on it! So, you need a plan and you need a little discipline, and with those, you can start the New Year off on a better financial footing and even a zero balance on your card!

4. Use Cash or Your EKC Debit Card

Buying with cash or debit means drawing directly on your chequing or savings account. This lets you see in the moment how much you’re spending and control it better. Sure, you don’t get credit card rewards, but you also don’t have to worry about interest charges. If you want to use a credit card, use one card and check your balance regularly. If you transfer all your balances to your EKC Collabria card in November, EKC offers bonus points – ask us!

5. Shop early, stick to your plan and be confident you can stay on budget!! 

Managing expectations for gifts is probably the biggest cause of stress for Christmas. "Focus on sharing experiences and focus less on presents and ‘things’, like doing a jigsaw puzzle together, playing board or card games, or reading a book together.”

6. Save for Christmas

If you are on top of your spending and feel you are on track, set up an Accumulator (automatic withdrawal of a small portion of your pay into an Accumulator account each payday). When next Christmas comes, you’ll be ready to go.

7. What happens when you blow your budget?

You have your plan, but you spent more than you thought on a gift. That’s OK, regroup, one slip does not mean you lost, it just means you get back up and stick to your plan! Remember where we live and how lucky we are! Control your finances rather than having your finances control you!

8. Plan, be creative and have fun!

Surviving the festive season financially does require some planning. But don’t panic – it’s not too late to start! With a little imagination, a bit of planning and some clever alternative ideas, you can create a fun, memory-filled holiday period without breaking the bank. Go for a walk, not to the mall with your family and friends. You know you will be gathering with friends, plan ahead for what you may bring, avoiding the last-minute panic and spending more. Have the ingredients in your fridge for three, easy to prepare applies!

 

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