Five ways to save on costs this holiday using PayPal
Canadian financial expert Pattie Lovett-Reid shares tips on how consumers can adopt ‘Festive Math’ to stick to their budgets this season

Headshot of Pattie Lovett-Reid

The holiday season is fast approaching, and for many it is a very emotionally and financially challenging time of the year. But it doesn’t have to be that way.

What if I told you it is within your power to turn it into your favourite time of the year? You don’t have to fall victim to the traditional New Year’s financial crash, when the bills come rolling in, if you do things differently – today.

According to PayPal’s 2023 Festive Spending Snapshot, 56% of Canadian will go over budget this holiday season. It isn’t by design or lack of budgeting, a lot of it has to do with the higher cost of living. Many households are living so close to the margin there is very little financial wiggle room to maneuver their way through the season.

This is where “Festive Math” comes into play with five easy ways to stay within your budget this season.

  1. Festive Math: The “Festive Math” approach begins even before you start to shop. It all starts with a budget. I know, budgets get a bad rap, but they work. Begin by listing everyone you plan to buy for and allocate a specific dollar amount to each person. This simple step allows you to narrow the list down, keep things organized and prevent impulsive purchases that can destroy your financial plan. While it may sound tacky, the truth is you will spend more on the ones you love the most – and that is ok! That being said, no one that cares for you will want you to go into debt for a holiday gift so be sure to keep it real, spend only what you can afford and track it in detail.
  2. Use PayPal products and services: PayPal and Honey are the dynamic duo you didn’t know you wanted, yet always needed. This secure and smart shopping combo keeps you honest by finding deals and tracking spending. PayPal Checkout allows you to breeze through the online checkout with just a few clicks. Honey puts money back into your pocket by automatically finding and applying coupon codes during checkout. Remember, small savings over multiple purchases can have a big impact on your bottom line.
  3. Patience is a virtue: Don’t rush into purchases. Do your research, comparison shop and take advantage of promotional opportunities – always!
  4. Made with love: There is truly something special about making or receiving a handmade gift. They show thought and care, while often being budget friendly. Get creative and explore your inner crafting capabilities, I have and it works!
  5. Stop trying to keep up with Joneses – they’re broke: In the age of social media, the pressure to one-up others with extravagant gifts can be overwhelming. But the truth is, the Joneses are broke themselves. Instead of competing, focus on thoughtful and meaningful gifts that fit within your budget. Refuse to spend money you don’t have to try and impress others.

By following these simple steps, you can create a magical and budget-friendly holiday season, filled with joy and financial peace of mind. 

About Pattie Lovett-Reid
Pattie Lovett-Reid is a highly respected Canadian financial expert known for her expertise in personal finance. In 2012, Lovett-Reid became the Chief Financial Commentator at CTV News, providing valuable financial insights on various platforms. Lovett-Reid is a Certified Financial Planner and co-author of national bestselling books. Her contributions to financial planning in Canada have earned her prestigious awards, including the Donald J. Johnston Award and the Financial Planning Canada Fellow of Distinction.

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