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Managing Your Money

7 Tips to Stay on Track with your Holiday Spending

On average, Canadians spend about $650 annually on holiday gifts. If you’ve made a Christmas resolution to spend less on gifts this year, we have 7 tips to help you stay on track with your holiday spending.


Think about saving for your holiday spending with an automatic transfer at least a couple months in advance.

Set a budget for your holiday spending

Look at your income, expenses and savings, and decide as early as possible how much you can comfortably spend on gifts for each person on your list. Don’t have a budget? Use our handy calculator.

Shop with a plan

Know who you’re buying for, your budget per person, potential gift options and where you’re going.

Prevent overspending

Try leaving your credit card at home the day you go out shopping.

Get crafty

Ever heard the saying the best gifts are homemade? Make something in a large batch, like soap, beer or holiday treats to give to your family and friends. Stumped for ideas? Google and Pinterest are your friends.

Do a Secret Santa style gift exchange

Rather than buying for everyone in your family or office, draw names out of a hat to decide the one person in the group you’ll be buying for, and set a price limit that everyone sticks to. You can also use an online Secret Santa generator, like this one.

Give the gift of time

Spend time with someone you care about. Make them dinner, help them with child-minding, or find a shared hobby you can do together. It truly is the thought that counts.

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