A post-holiday spending poll by the Royal Bank of Canada has found that Canadians generally did not overspend this past holiday season and have kept their debts low.
The study said 35% of Canadians did not want to acquire or increase their debts, while 34% were being diligent in their spending and budget. Moreover, 24% knew how much they had to spend and once the money was gone, “that was it.”
“Canadians took their budgets to heart over the holidays and kept their spending in check - a great gift to themselves,” said Maria Contreras, senior manager, Savings Accounts, RBC.
“For the majority who didn’t overspend, sticking to a budget proved to be a real plus. Consumers saw the benefits of planning ahead and creating a realistic budget that worked for them; they also looked to their rewards points to help keep costs down over the holidays.”
Cash or debit was the most popular choice of payment for 69% of shoppers, compared to the 47% who preferred to use credit cards over the holidays.
Many Canadians also made use of their rewards points to lessen holiday costs.
Thirty-five per cent of shoppers admitted to have overspent. They plan to get back on track by mostly reducing day to day expenses including coffee and groceries.
“Planning ahead and adapting your budget to fit your holiday spending ideas can help take a lot of the stress out of the holiday season,” added Contreras.
“Start early by putting money aside every week or month automatically into a savings account. If you’re a rewards points collector, check out the ways you can earn and use your points to help manage your holiday spending.”
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