Friday, December 21, 2018

Get a handle on your finances

Only four more sleeps to Christmas day, if you are like many of us, you have completed your shopping to find the perfect gift for your loved ones. Or you could be one of the many men, like me, scrambling to find that last minute gift. If you are finished and you were able to get all of the gifts, let's hope you are under budget. Last year on average Canadians spent over $700 each on the holiday. For a family of four that is over $2000. 

At this time of the year, your financial literacy is having the knowledge, skills and confidence to make responsible financial decisions and to not go overboard.  By reviewing your finances now, you will be better able to:

Understand how to make day-to-day choices about how to pay off the Christmas bills before they arrive so you can stay on top of financial obligations;
Plan ahead about how to use your hard-earned dollars for savings for next years spending or when and how long it will take to pay off the current years spending. 

Stats Canada puts out some interesting Christmas stats, here are a few

Gifts of all kinds

Exchanging gifts is a big part of Christmas, not to mention Hanukkah and Eid. Some families might see some of these items in their Christmas stockings or left under the tree!
  • $5.1 billion — The value of food and beverages purchased at large retailers in Canada in December 2016. This was up 16.92% from average monthly sales of $4.35 billion for this category in 2016 and up 16.8% from sales in November 2016.
  • $459.9 million — The value of televisions and audio and video equipment purchased at large retailers in Canada in December 2016. This was up 121.3% from average monthly sales of $207.8 million for this category in 2016 and up 31.0% from sales in November 2016.
  • $417.8 million — The value of toys, games and hobby supplies, including electronic games, purchased at large retailers in Canada in December 2016. This was up 203.7% from average monthly sales of $137.6 million for this category in 2016 and up 38.8% from sales in November 2016.
  • $274.9 million — The value of computer hardware and software purchased at large retailers in Canada in December 2016. This was up 65.4% from average monthly sales of $166.3 million for this category in 2016 and up 11.9% from sales in November 2016.
  • $263.4 million — The value of small electrical appliances purchased at large retailers in Canada in December 2016. This was up 91.5% from average monthly sales of $137.6 million for this category in 2016 and up 33.0% from sales in November 2016.
  • $238.5 million — The value of tableware, kitchenware, cookware and bakeware purchased at large retailers in Canada in December 2016. This was up 82.1% from average monthly sales of $131.0 million for this category in 2016 and up 46.6% from sales in November 2016.
Do you know what will be under your tree?

No comments:

Post a Comment