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As the year winds down, it’s easy to get swept up in December’s festivities and forget that January is just around the corner. Overspending during the holidays can derail your financial goals for the new year. With a little planning and discipline, you can avoid this pitfall and set yourself up for a strong financial start to 2025. Here’s how:
Before diving into holiday spending, take stock of your January expenses—rent, bills, groceries, and any annual subscriptions. Allocate funds for these essentials first and only spend what’s left over on holiday expenses.
The Financial Consumer Agency of Canada advises prioritising upcoming fixed expenses to avoid starting the new year in debt.
If you have resolutions like traveling, learning a new skill, or starting a side hustle in 2025, start saving for them this month. Open a separate savings account for your goals and transfer a fixed amount from your December salary.
A NerdWallet survey found that saving for future goals early increases the likelihood of achieving them by 38%.
Shift your perspective from “bigger is better” to “less is more.” Opt for low-cost ways to celebrate, such as hosting intimate gatherings at home, giving thoughtful handmade gifts, or volunteering to spread holiday cheer.
Harvard Business Review highlights that simpler celebrations often bring more joy and reduce stress compared to extravagant spending.
Stick to cash for your holiday expenses to avoid racking up debt. When you use credit cards, it’s easy to overspend because you’re not immediately seeing the impact.
A report by CNBC found that consumers spend 15-20% less when using cash over credit.
Take some time in December to review your financial successes and challenges in 2024. Use this reflection to set clear, actionable goals for 2025, such as building an emergency fund, paying down debt, or increasing your savings.
A study published by the Journal of Economic Psychology suggests that setting financial goals increases accountability and reduces impulsive spending.
By keeping your financial priorities in check this December, you’ll not only avoid the post-holiday financial slump but also set a strong foundation for 2025. Remember, a little discipline now can lead to a lot of peace later.
