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FINANCIAL PLANNING TIPS:
MANAGE THE HOLIDAY URGE TO SPLURGE

Holiday season is upon us and, with it, the enticement to indulge and spend — often more than we can afford — putting us in a financial rut for the New Year. With gifts to buy and dinners and celebrations to enjoy, how can we manage our urge to splurge without being the holiday grinch?

Financial Planners Standards Council offers these quick tips from Certified Financial Planner® (CFP®) licensees. These CFP professionals have much more to say about financial planning for the holidays — and for other life events — and they're available for interviews. If you are interested in exploring this topic further, give us a call and we'll put you in touch with this expert community of financial planning professionals that spans the country and all the financial services sectors. We're quite sure we can find just the right planner, perhaps in your community, to help your readers manage the urge to splurge.

Manage the urge to over-spend (courtesy of Financial Planners Standards Council):

1. Before you start your holiday shopping spree, take the time to figure out your cash flow by writing down your regular income and fixed expenses. This will give you an idea of what your budget really can handle. Nothing like a dose of reality to put things in perspective.
2. Before you go out to shop, make a list of each gift you must buy and attribute spending limits. Bring this list with you when you shop and stick to them. Going shopping without a list is like buying groceries when you are hungry. You will be sure to over-indulge!
3. Save yourself money and buy in Canada! Cross-border shopping trips are fun but with today's exchange rates, it pays to shop local. And for online shoppers, many sites are based in the U.S. so beware of the extra costs associated with duty, taxes and shipping.
4. If you must use credit to pay for your holiday expenses, try to pay off the balance immediately. If you can't pay it all immediately, get a line of credit which has a significantly reduced interest rate, sometimes as low as prime.
5. Consider gifts that keep on giving: a helpful book on budgeting or a cook book for the college kid who is inclined to spend too much eating out. Donating to charity, in lieu of gifts, for those who have everything is another financially sound idea. And be sure to get a tax receipt.

WANT TO HEAR MORE?

Available for interviews:
Tina Tehranchian, CFP, CLU, CHFC Assante Capital Management Ltd (Toronto/GTA)
Bradley Roulston, CFP, RHU, Roulston Financial Group (Toronto/GTA)
Andy Yu, CFP, CIM, Berkshire Securities Inc. (Vancouver)

To arrange an interview, contact: Eileen Chadnick/Chadnick Communications for Financial Planners Standards Council at 416.631.7437 or e-mail eileen@chadnick.com.

For background information on FPSC and the CFP designation, access our online Media Kit.