Boxing Day may actually ruin your budget
Posted December 26, 2013 10:46 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – With so many bargain hunters on the prowl on Boxing Day, it’s easy to lose sight of a shopping budget.
Jeff Schwartz with the Consolidated Credit Counselling Services of Canada says people on this side of the border treat Boxing Day like a sport.
He says before you head out the door, be prepared and narrow down the stores you want to hit.
“Understand what you are looking for and how much you’re willing to spend on it. We call that a budget. It helps you avoid impulse shopping which can lead to digging yourself deeper into debt.”
He points out it’s easy to get sidetracked when you see so many sales.
“What happens is that you end up only paying the minimum on your credit card. The great deal you had seems to vanish because you’re making up for the savings with all the interest you’re paying.”
If you want to avoid the crowds altogether, shopping online may be the better option.
BMO says last year, Canadians spent $240 on Boxing Day and men spent more than women.
