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A merry Christmas and a merrier January: pro tips on spending less during the holiday season

Surrey, B.C. – Christmas is full of spending temptations, but smart planning and spending decisions in December can help you avoid the January credit card blues, says Westminster Savings branch manager Marian Maletta.

“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,” says Maletta.

Maletta offers a few tips to help you spend only what you can afford.

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.

Use cash or debit only – 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.

Save all year for Christmas – The best way to save for your Christmas budget is to set up an automatic withdrawal of a small portion of your pay into a savings account each payday. When Christmas comes, you’ll be ready to go.

“We like it when our customers are controlling their finances rather than their finances controlling them,” says Maletta. “That allows us to help customers meet their longer-term financial goals.”

A Westminster Savings financial planner can help — go to wscu.com for information.



For more information

Jeff McDonald
Manager, Corporate and Internal Communications