Did you spend ALL of the money during the Black Friday and Cyber Monday holiday rush? Here’s the best tips to cure (and possibly prevent) your spending hangover.
#1 – Pay No Interest
The average Canadian spends $1,810 on the holidays. If you were to carry that balance on a credit card, you’d be stuck with an additional bill of $400 in interest.Ouch.
Tip – Transfer Your Balance
Consider switching to a low balance transfer product. RateSupermarket.ca is currently featuring a 0 per cent interest rate on balance transfers plus you get a FREE $100 Gift Card upon approval. Learn More >
#2 – Make a List
Make a list of everyone you need to buy for this holiday season and set a budget. This will prevent you from being tempted to go overboard, and will also allow you to set a realistic expectation of your spending.
Tip – Use an Online List to Keep Yourself Organized
If you’re shopping with a partner, consider using an online tool like Wunderlist to keep you both organized.
#3 – YOU Add Up
Self-gifting is at an all time high and is only becoming more popular. If you’re guilty of self-gifting – make sure that you count it towards your holiday budget.
Tip – Treat Yourself to Savings
This year instead of buying yourself a new flat screen TV, use that money to boost your mortgage payment or start a savings account.
Cyber Monday in Canada [in Numbers]
Is Cyber Monday and Black Friday in Canada really a big deal? RateSupermarket.ca asked Canadians if they planned to participate. Participation in Canada jumped from 45 per cent in 2013 to 74 per cent in 2013.
#4 – Compare and Save
Shop around, compare prices, and review your options. Search for those coupon codes, and price match where possible. That extra minute can add up to 20 per cent savings.
Tip – Download a Weekly Flyer App
Consider downloading an app like Reebee that instantly updates you on the latest flyers and sales in your area. It can also save you BIG for stores that price match.
#5 – Get Rewarded
If you put everything on your credit card during the holidays, make sure that you’re getting the most back. Just like shopping for a new camera, compare your credit card reward options to make sure you’re getting the best rewards for your needs.
Tip – Cash is King
When it comes to credit card rewards, cash back rewards are the most flexible.