North York Central Library Blog

So, the holiday season has come and gone and unfortunately, it is nearly impossible to escape spending more money than usual in December and around holiday time. The temptation to spend is very hard to resist especially with the endless sales. There are gifts to buy, holiday outings, food to make – yummy…I hope you all had a happy holiday and wish you all good things for the New Year!

I don't know about the rest of you but this past November I was surprised when I realized what a big deal Black Friday was in Canada. Black Friday is an American shopping holiday, which is a day after their Thanksgiving and there are some serious sales; customers lining up hours before, mall stampedes – pepper spray may be required (kidding!). Not to mention Cyber Monday two days later – which is a day of online sales to end the weekend of shopping.

I was reading an article on holiday spending in the Canadian Huffington Post and it was predicted that Canadians were going to spend 7% more this holiday season than they did in 2010. Sometimes after the holidays our bills tend to be bigger and our wallets emptier. But, don't despair even though the shopping season is over there is still hope for your wallet in 2012. Here are a few tips:

Automate your investments and savings.

Most financial institutions offer automatic withdrawals on specified dates from your bank account. When you don't have to think about putting money away, the money is never in your hands – so it is more difficult to spend it. Some workplaces also offer automatic payroll deductions to investments like Canada Savings Bonds. Ask your bank or employer for more information. 

Make your children become financially literate.

Give your children (or children you know if you don't have your own) the gift of investment – stocks, bonds etc for the next holiday. Even if they are young they may thank you later when they're using the money for tuition, car, or other large purchase. Also, you can'teach them the value of owning savings and assets at an early age so they may do it themselves in the future. 

BUDGET, BUDGET, BUDGET.

It is simple, when you plan your purchases and your savings – you're more likely to put money away. There are a lot of budgeting tools available online, some are even available as apps you can download to your mobile device. I use Mint - a free online money manager which allows you to see all of your accounts, categorizes transactions and helps you budget and invest – pretty easy!

Use Cash$$$

Besides not being able to immediately see how much money you actually have, when you use a debit card sometimes there are hidden fees like Point of Sale (POS) – which is sometimes charged when you use your PIN at a retailer. Also, cash is accepted everywhere – make it easier for yourself.

Make a Christmas list for 2012 early and shop early through out the year

If you spread out your shopping throughout the year, you won't have to cram all your holiday purchases between November and December. Take advantage of sales and clearances throughout the year so you don't have to experience the holiday shopping frenzy.

Visit the library – educate yourself on finance, in 2012 at North York Central Library we kick off the year with our Personal Finance Series, here's a sneak peek of our upcoming programs:

Making Your Mortgage Work for You - Tuesday, January 24, 2012/ 6:30 – 8:00pm/ Auditorium
Where to Invest Your RRSP Money -  Thursday, January 26, 2012/ 6:30 – 8:00pm/ Auditorium
Home Sweet Home Buying: Exploring Your Options - Thursday, February 9, 2012/ 6:30 – 8:00pm/ Auditorium
Top Ten Tax Saving Strategies – Tuesday, February 28, 2012/ 6:30 – 8:00pm/ Auditorium
Newcomers to Canada and Income Tax– Tuesday, March 6, 2012/ 6:30 – 8:00pm/ Auditorium 

Hope to see you there – Happy New Year and all the best this 2012. If you have any of your own budgeting tips, feel free to share!