Here’s how to track your spending this holiday season
Though Canadians are planning to spend more than they did last year on holiday shopping, according to a new survey, wealth coaches are reminding people of the importance of budgeting.
Money and wealth coach, Janet Gray, told CTV Morning Live Monday before you spend, you have to get organized and track your spending to see where your money goes.
“Know your stuff. How much do you earn? A lot of people maybe think I earn $40,000 a year, so I can spend $40,000 a year. But, when you look at what you actually receive on your paycheque after taxes, (and) after deductions, it’s a little bit less,” she said.
“Know how much you earn.”
Gray notes that you should always keep money on the side for unexpected expenses, such as an unexpected car repair, pet illness, or rising cost of rent or mortgage. She says the only way to anticipate these costs is to go back to tracking.
While tracking your spending can be daunting, there are ways to simplify the process, including writing the expenses down on a paper, creating an excel spreadsheet, or utilizing the available spending applications.
Gray adds that you should also have a vision about your future goals, such as a future trip.
“I want to get married. I want to have children. All those things will take more of your take-home pay,” she added.
And the best way to visualize your future goals is to write them down and talk about them with family and friends, gray notes.
The 2024 Holiday Shopping Retail Outlook by Deloitte Canada found Canadians plan to spend $1,478 for the holiday season, which is 10 per cent more – or $131 more – than last year when spending reached a five-year low. However, the amount is still below levels from recent years with Canadians spending $1,520 in 2022 and $1,706 in 2019.
Despite wanting to buy gifts for the holidays, about one-third of Canadians are concerned about how they’ll pay for them, another third are worried about their credit card debt, and more than half are worried about how they will pay their mortgage or rent.
With files from CTV News Toronto’s Pat Foran
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