Tis' the season to be jolly, but it's also when many Canadians end up in debt due to over-spending. As you're dashing through the stores making last minute purchases, consider these tips from TD Canada Trust to keep your bank account in-check and your holiday spirit at an all-time high:
• Write a budget—Look at your discretionary spending and decide how much you have to spend on gifts and holiday treats before you hit the malls.
• Make a list, check it twice, then stick to it—Don't be tempted by flashy displays or clever advertising. Stick to your shopping list and avoid impulse purchases, no matter how enticing they may be.
• Use your credit card responsibly—A credit card is a valuable personal finance tool when used responsibly. Not only can it help manage cash flow and build a good credit rating, but it can help you earn cash back and extra rewards. Also, purchase assurance and extended warrantycoverage are included on certain cards. Make sure you can ultimately afford your purchases—that is, that you can pay your bill in full when it is due to prevent the post-holiday blues.