Credit is not good or bad\u003B it is how we use it and manage it that can have an impact, writes Sandra Fry. Read more.
The reality of the cold, crisp winter air can often be one of the triggers for us that the holidays are just around the corner, and with that comes shopping season. It begins with Black Friday followed by Cyber Monday, Christmas specials, post-holiday Boxing Day sales and don’t forget the end-of-year clearance deals.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.
As a credit counsellor, I would be remiss if I didn’t mention the benefits of budgeting and staying within your set limits for this spending frenzy. Spend a small amount of time to do some planning upfront to help yourself save money and stay on track.Article content Doing that also relieves some of the additional stress you may feel from last-minute shopping and overspending while fighting the crowds at the malls. Beginning your planning early in the season by creating a budget and shopping list can be one step towards getting out of the holiday spending trap.
While this may very well be good advice — for next year — it might not help right now if you haven’t started your planning yet. Perhaps you had every intention of, but life happened, and your savings and plans went elsewhere. Unfortunately, it doesn’t stop the holidays and your obligations from coming all the same.
In this situation, using credit may feel like the only option for you. But before you cringe, remember that credit is not inherently good or bad in itself. It isThis advertisement has not loaded yet, but your article continues below.Credit can be a great tool to help us get those things we couldn’t otherwise afford upfront, such as a house or a car. But credit is not a right; it’s a privilege that is earned after proving you have a history of repaying your debt as agreed.
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