Financial Planning Tips for Parents: Maximizing Your Budget
Spring holiday break is to revitalize your energy. Many Canadians are spending on various activities during the spring holiday season, and giving gifts is a prominent preference for many existing & awaiting parents.
Last year, Nerd wallet surveyed the holiday spending patterns of Canadians and found that credit card spending is the top preference, following cash use for buying holiday gifts.
Reference: https://www.nerdwallet.com/ca/personal-finance/2022-canada-holiday-shopping-report
However, financial planning for spring holiday spending is crucial for Canadian parents, thanks to the ever-increasing inflation rate in the Canadian economy.
The survey has exposed how Canadians cope with the increased inflation rate by applying different ways. Let’s learn some valuable tips in today’s post.
Advice-#1: Canadian Parents Should Spend Less Per Person in Spring Holiday Shopping
We have seen in the above graph that 36% of respondents in the survey have taken measures to spend less per person on holiday shopping in 2022 than last year.
What benefits will you have by spending less per person to give gifts during the holiday season?
- You can better manage your holiday budget.
- You can buy thoughtful and meaningful gifts for a larger circle.
- You will have less mental stress with a limited budget.
- You can give equal treatment to your kids.
- You can be creative while buying gifts.
Advice-#2: Parents Should Select Affordable Gift Items in Spring Holiday Shopping in Calgary, Edmonton, Lloydminster, & Alberta
Nearly 32% of respondents in the survey have preferred buying more affordable gift items during the holiday season. So, we can advise parents in Calgary, Edmonton, Lloydminster, and Alberta in Canada to select affordable gift items during the current spring holiday season. It has some apparent benefits, viz.
- You can foster more gratitude among children by focusing on the joy of giving rather than gift costs.
- It will force you to be more creative while selecting affordable gifts.
- Affordable gifts still carry your sentiment of giving gifts on holidays.
- With a limited budget for buying gifts, you will have ample options to select better items for your children.
- Affordable gift items let you help manage your budget or reduce debt.
Advice-#3: Parents Should Buy Gifts on Sale During Spring Holiday in Calgary, Edmonton, Lloydminster, & Alberta
Almost 32% of people prefer buying holiday gifts on various sales of items. This is because spring holiday sales in Calgary, Edmonton, Lloydminster, and Alberta often come with various incentives, such as discounts, promotions, and special offers. You can leverage all and make a decent purchase of your holiday gift.
Advice-#4: Parents Should Give Gifts to Fewer People During Spring Holiday in Calgary, Edmonton, Lloydminster, & Alberta
According to the survey, nearly 27% of respondents have preferred giving spring holiday gifts to fewer people. So, you can follow this advice as responsible parents and cut the list of near & dear children in buying expensive gifts for the upcoming spring holiday season.
Advice-#5: Parents Should Use Incentives Offered on Buying Gifts During Spring Holiday in Calgary, Edmonton, Lloydminster, & Alberta
We have seen that nearly 20% of respondents preferred using credit card rewards to buy gift items. Similarly, nearly 8% of respondents have used various marketing incentives to buy their holiday gifts. So, it is wise to use such incentives available in the market during the holiday season, including discounts, coupons, vouchers, etc.
Advice-#6: Parents Should Use Debt Negotiation Red Deer to Minimize Debt
Debt is the biggest stress giver. However, we have many ways to cope with the debt menace. For instance,
- You can use debt negotiation Red Deer services by Credit720.
- You can use the consumer proposal service in Red Deer with the help of Credit720.
By reducing your debt in the market, you will have a stress-free spring holiday season shopping experience.