You've planned and saved for the gifts, but there's another potential budget-breaking aspect to the holidays – attending social functions.
If you think buying gifts can be costly, think about how many times you have been invited out or wanted to attend or host a party, not just at special times of the year like Christmas and Hanukkah, but year round.
The socializing stakes are high, to the point it can interfere with financial goals.
In fact, Canadians’ spending behaviours are strongly influenced by the people they are with, and it’s hurting their spending and savings goals, according to a recent survey by Credit Canada Debt Solutions and Capital One Canada.
Forty-four per cent of respondents said they were pressed by friends to spend more than they could afford when going out, while 22 per cent said they had commonly paid more than they should.
“If you have a budget and still aren’t feeling in control, the key is to keep track of where you’re spending your money, including on your vicesRead More »from How to resist the holiday social pressures to spend