RBC: Canadians will spend an average of $640 on gifts this year

The holiday rush is happening and a new poll by RBC reminds us that there are only 32 shopping days left. Their new study shows that Canadians are planning to spend an average of $640 on gifts this year, up from $624 last year. RBC also states that some people will go over budget, causing headaches when it comes to paying of debt. From 2010 stats, one third of “holiday shoppers who went over budget spent an average of $429 more than they intended”. The survey was conducted to clearly promote their various Savings accounts, but to stay on track they gave some tips on how to save:

1. Curb your impulses. Count to 30 before impulse buying in a store, or wait 24 hours before making an online shopping decision.

2. Pay yourself first. Make your savings plan part of your bill paying routine, just like cable, utilities and mortgage payments.

3. Track your expenses. Make a list of all your expenditures over three months to see where there are opportunities to turn spending into saving.

4. Keep a separate savings account. Set up an account dedicated to savings; in this way, your savings won’t get mixed in with your day-to-day cash.

5. Set a target date for your savings goal. Having a deadline can help you decide how much to put away and how often.

6. Visualize your savings goal. Are you saving for a vacation? A big screen TV? Keep a photo of your dream on hand, to inspire you to continue saving.

Source: CNW