2021 in a good mood!
Even in times of social distancing, the holidays are a time of celebration. You’ll have more time to talk to your friends and family and, above all, to spoil yourself a bit, to keep your spirits up!
What about your finances in all of this? How to enjoy life while avoiding unpleasant surprises in January, when you receive your credit card bill?
Gift shopping: go easy!
It must be said at the outset that it all comes down to your budget. If you’re still in school or just starting your career, you likely have a smaller budget than that of a more established professional. That said, the holiday season only lasts a few weeks, and with the situation as it is now, you may have a tendency to compensate for the fact that you can’t be there physically with a loved one by buying them a more expensive gift.
Be careful. On the one hand, online shopping is more popular than ever: it’s so easy to visit an eye-catching website, with a shopping cart just waiting to be filled, delivery in 24 hours, sometimes free, and a transaction that takes just a few minutes to complete! This goes for the gifts you want to give to your relatives and friends, and those you want for yourself.
On the other hand, you can speak more often with your loved ones. Nothing like a warm conversation with good laughs, or a heart-to-heart talk to cheer someone up and give them hope!
Our advice
Set limits and stick to them. Take a good look at your current budget, decide how much you can spend, and make your choices. Once your limit is reached, stop! Remember that credit card interest rates are very high and that you can easily find yourself over-indebted. The problem, over and above the financial aspect, is that excessive debt that you can’t pay off quickly will cause you more stress than anything else. The pleasure of giving all those gifts will be quickly offset by the debt stress you’ll experience afterwards.
Fight boredom
Since travel is limited and many activities remain closed, restaurants, bars, gyms, cinemas and shows in red zones are out of the question now. On the positive side, you can eliminate the cost of these outings from your budget. On the negative side, what can you do to lift your spirits? There are many options: spending time outdoors, hiking in nature, reading good books or binge-watching your favourite shows, participating on the Web in concerts and virtual events, visiting virtual exhibits, etc. And of course, communicating with your relatives and friends via video conferences, Facebook and Twitter. Use your imagination to maintain contact with those you love in a more creative way: you’ll be surprised at the results!
Our advice
Make a concrete plan for your finances and your personal well-being. When you know where you’re going, the road is so much easier! Leave a little room for the unexpected, but don’t forget that this holiday season should be one of relaxation, a break in early winter to recharge your batteries and be ready to start again in January.
If you need help making a realistic budget, don’t hesitate to call your on fdp team. Whether you’re starting university or starting your career, or even ready to take a new step, we’ll help you build the best financial plan. Together, we’ll find the right solutions that will meet your exact needs.
Jean-Sébastien Leclerc, F. Pl.
Wealth Management Advisor
