Nov. 22, 2023 "Black Friday is enticing, but here's how to do holiday shopping right": Today I found this article by Sandra Fry on the Financial Post:
Christmas is a month away and if you’re like a lot of people, anxiety about your finances and how to afford the holidays is outweighing how much you’re looking forward to the festivities.
Making the situation worse is that many retailers are offering deep discounts to entice shoppers who have spent less than anticipated this past year. However, even when money is tight, it’s still possible to plan a meaningful holiday.
To start, take one hour to outline a plan. Sit down for coffee with your spouse or grab a best friend who also wants to create a four-week holiday plan.
Work together to help each other identify what’s most important. Consider everything from
traditions,
food,
decorations
and how to spend the weeks around the big day,
to specific activities,
gift-giving habits
and the simple pleasures
that make your holidays special.
Every family has those non-negotiable traditions that everyone looks forward to, so it’s those you want to prioritize when money is tight. However, it’s not worth honouring a tradition that will blow your budget.
Look for ways to make those traditions more affordable — for example, rather than supplying all the food for a seasonal open house, turn it into a potluck or cookie exchange. For traditions with larger price tags, such as ski trips, make them part of your family’s gifts.
Just like Santa, be sure to make a list of who you need to buy for.
Jot down any ideas you have for their gifts and an approximate amount you think you need to spend.
As you add names, think carefully about whether you need to buy a gift for that person.
Even though they might be important to you, there are ways to show affection or appreciation without spending money on a gift.
For example, if it’s someone you’ve typically exchanged gifts with each year, connect with them sooner rather than later to propose going for a walk to look at the festive lights in your neighbourhood.
If it’s someone you normally see on vacation, suggest not buying each other gifts in favour of putting the money towards an activity the next time you get together.
For a large family, if you act quickly, there’s probably still time to organize a gift exchange, draw names or set spending limits on gifts.
Initiate a group chat or text to let others know that your budget won’t allow for a lot of lavish gift giving this year. Chances are, some of your family members are feeling the same way and they’ll be relieved that someone brought it up.
Four weeks still gives you time to get creative with the gifts you do want to give. For example, if you have credit-card rewards or loyalty cards, redeem points for gifts to avoid spending cash you don’t have.
Instead of mailing gift cards, choose alternative gifts that allow you to spread payments out throughout the year.
This could include contributing a small monthly amount to
a niece’s registered education savings plan
or maybe your cousin would enjoy a monthly subscription to a favourite app.
If there’s a university student or young couple in your midst, contributions towards their tax-free savings account would likely be very welcome.
Homemade gift certificates for babysitting, gardening help or companionship give the priceless gift of time.
And if you’re handy with a craft or in the kitchen, pass along gifts that you make rather than buy.
It’s important to establish a holiday budget to keep yourself accountable and out of debt.
Keep a running list
of what you’ve bought,
how much you’ve spent
and where you stand in relation to what you had planned to spend.
Then think about how to trim your spending to free up money you can use towards other expenses.
You could cook regular meals at home for the month of December, instead of ordering in or picking up takeout.
And remember to pack a bottle of water and a snack when shopping in person to ward off temptations to eat out.
Shop your own pantry and freezer and meal plan with what you already have to cut back on regular grocery expenses and leave yourself money for the holiday meal and seasonal treats.
For you and your kids, trade festive outfits, holiday accessories or tacky Christmas sweaters with friends rather than buying new.
Exchange holiday decorations with a neighbour, so you still get to see your decorations displayed, instead of shopping for new decor.
This is a great year to dial back on the ever-escalating expenditures and focus on making memories, not mountains of bills.
Let your budget be your guide;
make financially appropriate gift-giving choices your new normal
and encourage your extended family to do the same.
Ask others not to buy for you and, instead, enter a date into your calendars for when you’ll get together to walk the dogs, go for a bike ride or catch up over dessert.
Even if you won’t meet up until February, choose a specific date and time. That way, it won’t slip your minds, but will remind you that it’s not what’s under the tree that matters most, but rather those who are around it.
Sandra Fry is a Winnipeg-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt for more than 27 years.
In the vast majority of cases, you’ll likely get lower pricing in the period between Christmas and New Years.
It is during that period that most companies (at least those who operate within a calendar fiscal year) will make one last drive to meet their promised sales forecasts.
This is especially true (obviously) for retailers who depend on this closing period to get the last kick at large sales. And clear the inventories in prep for stocking spring goods.
Be patient. Just keep an eye on those major items you’ve been waiting for. The Black Friday line ups didn’t materialize…so the retailers will try to compensate. Camel-camel-camel is especially good for Amazon notifications.
We'll be relaxing by the RV in Florida on Christmas day. No gifts or Christmas dinner to worry about!
"Christmas with the Kranks"! LOL
THE best advice, and I know for some people (probably the majority) this is a hard pill to swallow even IF they understand it is, act your wage!
Dec. 7, 2023 "How to find some joy without spending more money": Today I found this article by Sandra Fry on the Financial Post:
Have you ever been excited about buying something, only to realize later that having the item isn’t nearly as pleasing as you thought it would be?
Whether it’s a new pair of shoes, the latest electronic device or a new car, our “stuff” rarely provides us ongoing joy. Once the credit-card bills arrive or the payments kick in, our spending often turns to regret or resentment.
Finding joy outside of spending money is an essential part of your long-term financial well-being.
Spending less than you earn allows you to save towards meaningful goals and eliminate your reliance on credit.
Your credit cards then become a convenient way to pay, rather than an obligation sucking the life out of your paycheques. Don’t wait until the new year to hit the reset button on your spending habits. Here are some tips to help you find joy outside of spending.
Start by thinking about your paycheque in terms of time rather than money.
Then calculate how much time something costs, rather than how much money.
This helps you determine the true value of an item, because time spent at work is time spent away from family, friends and everything you value in life.
To see this in action, let’s say you want to buy a new smart TV with a price tag of $800, which with tax brings the total to $896 (in provinces that charge seven per cent sales tax and five per cent GST, plus the environmental fee).
Next, calculate how many hours you need to work to have $900 of after-tax income. For example, if you earn $28 an hour and work 40 hours a week, your weekly before-tax income is $1,120. After taxes and required deductions, depending on in which province you live in, your net income would be about $850.
This calculation shows that someone in this position would need to work at least an entire week to pay cash for a new TV. Whether that’s worth it or not is entirely up to each individual.
But when you start measuring the cost of your stuff in terms of time rather than dollars, it shines a laser focus on what you value most. As it turns out, it’s often the simple things that end up mattering the most.
Time with family and friends is a great way to find joy without spending money. Play games, cook dinner together, help with homework or household tasks, or walk the dog.
If you do spend money, spend it on experiences that create lasting memories — say, a show or ski pass during the holidays.
Finding joy is about being deliberate with your choices
and choosing to be grateful for where your feet are.
Be where your feet are is a proverb that reminds us to live in the moment.
It helps us be intentional about our spending and reduce distractions such as the pressure to chalk up debt on credit cards to keep up with a lifestyle we can’t truly afford.
Another part of living a meaningful life without a focus on spending money is to explore nature and enjoy outdoor experiences. Hiking, walking, kayaking, taking a bike ride, fishing, skipping stones or playing at a neighbourhood park can improve your mood, help reduce your stress and boost your overall well-being.
Volunteering your time and talents is another way to feel purposeful without spending money. Choose a cause near to your heart and give back to your community. Consider volunteering at
your local high school’s breakfast club,
an inner-city support program with a community music or arts program,
a seniors’ centre
or with a crime prevention society.
You’ll find
like-minded people,
gain a sense of purpose
and develop new skills.
In addition, many hands make for lighter work, so pitch in and have fun while making a positive impact.
Many people push off the decision to be more mindful with their spending until the new year.
But suddenly flipping a switch from spending more to spending less is a hard adjustment to make, especially with the ingrained need for physical possessions that comes during this time of year.
Ease into your newfound lifestyle by appreciating everyday experiences.
Send a text to someone you care about,
enjoy holiday lights,
invite friends for a potluck,
create new traditions
and encourage others to embrace a similar lifestyle by gifting experiences rather than things.
How often do you look back at photos and remember the amazing experience you had buying a new pair of shoes? Probably never.
But your memories about a camping trip or weekend away with friends likely put a smile on your face every time you think about them.
Experiences shape us in ways dust collectors can’t.
Be intentional with your spending choices
and focus on separating what makes you happy and gives you joy from how you spend your money.
Your credit cards and future self will thank you.
Sandra Fry is a Winnipeg-based credit counsellor at Credit Counselling Society, a non-profit organization that has helped Canadians manage debt for more than 27 years.
spend more time with your family
Dec. 9, 2023 My opinion: I said it before, and I'll say it again:
Don't buy Christmas gifts.
Don't buy things to own.
I'm all about quality time and bringing food for a potluck. Give food as a gift.
When I used to work at my hotel restaurant job, there was this accountant Chantelle who always baked cookies, cupcakes, or cinnamon buns with icing on the side for the different departments. She did this at the beginning of the month. She didn't have to, but she liked baking.
Tracy: Have you thought of selling your baked goods as a business?
Chantelle: No, because if I turn this into a business, than I wouldn't like baking anymore.
She is still using her baking skills for her co-workers.
This week's theme is about the holidays:
"A work party isn't fun if it's forced — and could even trigger resignations"/ "The office Christmas party is being replaced with pickleball and guac"
https://badcb.blogspot.com/2023/12/a-work-party-isnt-fun-if-its-forced-and.html
"25% of Canadians have not paid off last holiday season's debt: survey"/ "Cash-strapped Canadians are suffering from 'inflation isolation'"
https://badcb.blogspot.com/2023/12/25-of-canadians-have-not-paid-off-last.html
Fewer Canadians are donating to charity, and those that do give are contributing less compared to prior years, a new study of tax filers says.
The number of taxpayers who gave to charitable causes dropped to 17.7 per cent in 2021 — a 20-year low, according to the Fraser Institute’s annual report measuring generosity in Canada. Charitable giving hit a high in 2004, with 25.4 per cent of tax filers making donations, but gifts to charity have dropped each year since. Twenty-three per cent of taxpayers gave to charity in 2011.
People are also donating less money, the study said, with the total amount given dropping to 0.55 per cent of income in 2021 from 0.58 per cent in 2001.
“The data shows Canadians are consistently less charitable every year, which means charities face greater challenges to secure resources to help those in need,” Jake Fuss, a director at the Fraser Institute and co-author of the report, said in a release.
PayPal said such insights could help charities address gaps in their fundraising initiatives, helping them reach more donors at a time of economic, political and environmental upheaval.
“The need for philanthropy is stronger than ever with high cost of living, health problems, housing issues, political turmoil and climate change,” Wen-Chih O’Connell, executive director of PayPal Giving Fund Canada, said. “Charities need all the help they can get.”
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