avoiding personal bankruptcy during the holidays

Holiday Spending Statistics & Tips

Canadians are big and generous holiday spenders. We love to host parties and buy gifts for our friends. Unfortunately, the holidays also leave many people in financial stress. At the end of every holiday season, the experts at Fox-Miles & Associates Inc. help many clients get their finances back in order by providing debt solutions such as credit counselling and personal bankruptcy in Edmonton. We are also happy to provide tips on how to make it through the next holiday season in better financial shape.

To give you an idea of just how much people spend over the holidays, let's look at some statistics. During the 2014 holiday season (the latest holiday spending numbers provided by Statistics Canada), Canadians spent:

- $4.6 billion on food and beverages 

- $543.2 million on televisions and video and audio equipment
- $416.3 million on toys, games, and other hobby supplies
- $364.3 million on computer hardware and software
- $255.1 million on small electrical appliances

Tips to Save Money This Holiday Season

You don't need to spend a small fortune over the holidays in order to have a magical time with friends and family. Here are some tips that you can use to decrease your spending and worry less about money this year:

Get crafty when decorating

Some of the best and most meaningful holiday decorations are ones that you, your child, or another family member has hand-crafted. Gather your craft supplies and have some fun making your own decorations this year.

Ask for help when hosting
If it's fallen to you to host a holiday gathering with friends and family, then don't be afraid to ask for help. The costs of feeding and entertaining everyone can easily add up. Consider making the meal a potluck and asking everyone to bring one dish or, since you are providing the space, asking someone else to provide the drinks.

Create a gift budget
It's easy to get carried away when buying gifts for your friends and family. The easiest way to keep your spending in check is to create a list of the people you will be buying a gift for, take a look at your finances, and set a manageable budget for each person.

Suggest a Secret Santa gift exchange
Secret Santa is a fantastic holiday tradition which ensures that everyone gets a present and that you don't have to buy individually for every person in the group. Suggest a Secret Santa gift exchange among your family and friends.

Debt Solutions and Personal Bankruptcy Services in Edmonton

If your budget gets away from you and your holiday spending puts you in a precarious financial position in the New Year, then the friendly team at Fox-Miles & Associates Inc. is here to help. We offer credit counselling, consumer proposals and personal bankruptcy in Edmonton as part of our debt solution services. You don't have to let your debt continue to grow; there are always other options. At Fox-Miles & Associates Inc., we will find the best options for improving your financial stress.

To find out more about personal bankruptcy in Edmonton, don't hesitate to contact Fox-Miles & Associates Inc. today.

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