How to budget for the Christmas season

Christmas can be expensive, so the Conexus Credit Union is sharing their tips with families on how to make the holidays less of a burden.

Sanny Uppal, a financial services manager with Conexus Credit Union, said the No. 1 piece of advice they give is to create a holiday budget.

“Start early,” Uppal said. “So heading into this year’s holiday season, you should start saving for next year’s already.”

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It’s also important to budget for each person gifters are purchasing for.

“Stick to that budget,” Uppal said. “If you like to impulse buy, use cash instead of a card which is easy to swipe.”

He also said consumers should take advance of holiday sales and days like Black Friday or Cyber Monday.

In order to create a holiday budget, list off all sources of income and then all expenses, Uppal said.

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He said housing expenses should make up 30 to 40 per cent of a person’s budget, with living expenses making up 20 to 30 per cent.

“The No. 1 habit is saving at least 10 per cent of income to enable you to achieve your financial goals,” Uppal said.

“The big picture is a plan to reach your financial goals.”

© 2019 Global News, a division of Corus Entertainment Inc.

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